In a strictly barter-based economy it would make sense that we all trade food for food. But as a group becomes larger and more coherent, more people have more goods to offer and bartering cannot always satisfy that. Thus people turn to an item that is near universally valued, such as silver. This has been seen in the prisons where bartering does occur, however the prisoners also use tobacco as currency as it is in high demand and cigarettes can be used as a medium to obtain things that direct bartering cannot resolve.
The Cyprus bank story was blown way out of proportion. Anyone who deposits more than 100,000 Euros in a bank that offers a 100,000 Euro deposit limit should know they are taking a risk. Evidently a lot of wealthy Russians were too concerned about their tax shelters to consider that.
d_legendary1 about 11 years ago
More fees, more penalties, and less recourse to get away from them without having to pay a dime. BOA sucks!!!
Rise22 about 11 years ago
NO ONE is going to trust their money in banks….then what???
USN1977 about 11 years ago
In a strictly barter-based economy it would make sense that we all trade food for food. But as a group becomes larger and more coherent, more people have more goods to offer and bartering cannot always satisfy that. Thus people turn to an item that is near universally valued, such as silver. This has been seen in the prisons where bartering does occur, however the prisoners also use tobacco as currency as it is in high demand and cigarettes can be used as a medium to obtain things that direct bartering cannot resolve.
Marty Z about 11 years ago
The Cyprus bank story was blown way out of proportion. Anyone who deposits more than 100,000 Euros in a bank that offers a 100,000 Euro deposit limit should know they are taking a risk. Evidently a lot of wealthy Russians were too concerned about their tax shelters to consider that.