But almost all of the relationships that compose the institutional framework necessary for transcontinental trade involve large numbers of relationships that make reference to currency. Re-casting those relationships in terms that obviate the need for currencies will often involve renegotiating the entire relationship. Do this to a large enough fraction (in a short enough span of time) of the relationships that make up the institutional framework necessary for trade and that entire institutional framework risks going belly-up.

- Jake

If you only spend 20 minutes of the rest of your life on economics, go spend them here.