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To: ctdonath2
The drachma doesn’t exist, and recreating it is functionally impossible.

If they've got paper and ink they can create whatever they wish.

20 posted on 06/01/2012 8:59:11 AM PDT by Lurker (Violence is rarely the answer. But when it is it is the only answer.)
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To: Lurker
Yes they do have paper and ink, the drachma will fall faster then a Facebook IPO.
21 posted on 06/01/2012 9:10:46 AM PDT by 2001convSVT (Going Galt as fast as I can.)
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To: Lurker

for the euro to take hold, there had to be a period of overlap cash in where old currency could be turned in. Stores would not accept dracma and only banks would convert.

To reverse it, you would have a massive black market in dollars and some euros. You can’t shift to a new currency with an old currency (euro) in circulation.


22 posted on 06/01/2012 9:27:05 AM PDT by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
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To: Lurker

Hence my use of “functionally”. Sure they can print drachmas, but it will not function as currency. There isn’t even a pretense of value behind it. The dollar once was gold/silver-backed and weaned away from that when other value was infused. The euro was based on a wholesale agreed-on currency swap, eliminating certain currencies and replaced by fixed ratios with something new and otherwise valueless. The drachma, however, will have no basis in any value real or implied - save only perhaps by demanding tax payments in drachmas, thus persuading people to accept government checks issued in that otherwise valueless currency.


24 posted on 06/01/2012 10:42:28 AM PDT by ctdonath2 ($1 meals: http://abuckaplate.blogspot.com)
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To: Lurker

How many slices of bread can you buy for a wheelbarrow of cash in Zimbabwe?


27 posted on 06/01/2012 8:32:21 PM PDT by Hardraade (http://junipersec.wordpress.com (nobody gives me warheads anyway))
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