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May 20, 2006

RUSS NELSON ON THE SOMALI SHILLING

A fascinating insight into the Somali shilling by Russ Nelson. Summary:

Competition between counterfeiters will reduce their profit to an amount approximating their costs, so the harm from counterfeiting will be minimized. Society will have a stable non-fiat paper currency.

It has some very interesting implications for how money would work in a stateless society. Read it all.

Posted by Lewis at May 20, 2006 03:58 PM