03-14-2019, 05:08 PM | #101 | |
Join Date: Mar 2006
Location: Iceland*
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Re: Portable Intrinsic Wealth in Ultra Tech
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Same with any stocks, bonds or other assets located on a world where the ruling class are either dead or refugees. It's not like the property rights of French or Russian aristocrats were respected after their respective Revolutions. Anyone who bought assets from them and expected the new regime to honour their rights would have gotten a sharp lesson in how little value legal title has when those in power no longer recognise it.
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Za uspiekh nashevo beznadiozhnovo diela! Last edited by Icelander; 03-14-2019 at 05:13 PM. |
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03-14-2019, 05:29 PM | #102 |
Join Date: Jul 2008
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Re: Portable Intrinsic Wealth in Ultra Tech
It can, but it doesn't necessarily if the currency has a strong foreign circulation that isn't dependent on the issuing government or their domestic economy.
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03-14-2019, 05:30 PM | #103 | |
Join Date: Mar 2008
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Re: Portable Intrinsic Wealth in Ultra Tech
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03-14-2019, 05:42 PM | #104 |
Join Date: Mar 2006
Location: Iceland*
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Re: Portable Intrinsic Wealth in Ultra Tech
Can you give me examples of fiat currencies that outlived the polity that issued them even if the polity that replaced it did not honour it?
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Za uspiekh nashevo beznadiozhnovo diela! |
03-14-2019, 06:00 PM | #105 |
Join Date: Aug 2005
Location: Portland, Oregon
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Re: Portable Intrinsic Wealth in Ultra Tech
The Maria Theresa Thaler was widely accepted in the Mediterranean and Africa long after the downfall of Austria-Hungary in locales that had never been ruled by said state.
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"The navy could probably win a war without coffee but would prefer not to try"-Samuel Eliot Morrison |
03-14-2019, 06:04 PM | #106 | |
Join Date: Aug 2005
Location: Portland, Oregon
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Re: Portable Intrinsic Wealth in Ultra Tech
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That said there is a correlation between a state's political prestige and that of it's money. It is not a direct one. Sparta's never was respected unless there happened to be a Spartan nearby. And there were oddities; Roman coins got boosted by the skill of their minters. But in general Roman coins are going to be respected and those of hill-chief-with-two-goats are not other things being equal. Money is a circular definition. It is money if the users say it is money. Confederate money is an antique. Maria Theresa Thalers really were money because they were used and worth more then their bullion.
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"The navy could probably win a war without coffee but would prefer not to try"-Samuel Eliot Morrison Last edited by jason taylor; 03-14-2019 at 06:58 PM. |
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03-14-2019, 06:15 PM | #107 |
Join Date: Mar 2006
Location: Iceland*
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Re: Portable Intrinsic Wealth in Ultra Tech
At a value higher than the silver content?
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03-14-2019, 06:16 PM | #108 |
Join Date: Aug 2005
Location: Portland, Oregon
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Re: Portable Intrinsic Wealth in Ultra Tech
Yes. They were valued as Thalers not just as silver. No one considered them equiv to hack metal.
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"The navy could probably win a war without coffee but would prefer not to try"-Samuel Eliot Morrison |
03-14-2019, 08:09 PM | #109 |
Join Date: Feb 2016
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Re: Portable Intrinsic Wealth in Ultra Tech
But, why would anyone bother with the currency of a polity that is doing a Zimbabwe? Everyone would offload the currency ASAP because anything that destroys an interstellar polity probably is not leaving much behind. You might have a planet that would be habitable again within a few centuries, but no one will honor the debts.
Anyway, this assumes that interstellar economies function like historical or contemporary economies, and I really doubt that. First off, there is so much gold available that it becomes easy to use it for currency, so an interstellar economy may use physical gold for a medium of exchange ($1 per gram would be an adequate value). Second off, what can you trade that is cheaper than what I can produce at home when you add the cost of interstellar travel (what comparative advantages exist between two distant politics at TL10)? |
03-14-2019, 08:18 PM | #110 | |
Join Date: Jul 2008
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Re: Portable Intrinsic Wealth in Ultra Tech
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