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There's no reason why people couldn't use the € as a benchmark unit of account even if they don't use € bank accounts or € notes in actual settlement, preefrring to accept 'money's worth' instead.

The Swiss WIR - and any proprietary barter system which incorporates credit - essentially does just that through the centralised issue of 'look-alike' currencies.

Similarly the 'FactoRepo' system under development - where sellers may discount VAT invoices directly with the Central Bank - will minimise the use of genuine (?!) Fed dollars in dollarised Ecuador.

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Thu Nov 4th, 2010 at 03:44:27 PM EST
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