Thursday, May 28, 2015

Orinoco opportunity...

What a state of affairs: toilet paper so scarce and expensive you could use use money to wipe your arse? Not quite, as Tim Worstall explains; however - and more interestingly - he also mentions how making money (i.e. the act of making money) loses money, or that you can make money (make a profit) by selling paper money and buying coins. It certainly isn't the first time either of those things has happened but it could be happening now in Venezuela, hypothetically.
"A country really has come to something when robbing banks isn't the way to make money. Instead, go and make change at the bank is. Swap paper money for metal money and make a 2,000 percent profit by melting it down"... ..." You can walk into a bank in Venezuela with $300 worth of banknotes and someone will give you $7,000 worth of metal. Assuming they will make change for you, of course. And who would rob banks when this is true, when such profits are available entirely legally?"
I'll tell you how it goes :-)

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