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The key points that Steve did not mention is that the government accepts the New Punt and banks are required to clear domestic transactions in New Punts.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
by BruceMcF (agila61 at netscape dot net) on Wed May 2nd, 2012 at 09:10:56 AM EST
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Heh, I deleted a sentence about the state accepting tax payments in New Punts after not finding that in his discussion.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed May 2nd, 2012 at 09:56:59 AM EST
[ Parent ]
Were those requirements in Argentina when they pegged their currency to the dollar?

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed May 2nd, 2012 at 12:28:00 PM EST
[ Parent ]
Yes, but they were also trivially fulfilled for Argentina, because they didn't adopt the dollar as legal tender. They simply pegged to it.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Wed May 2nd, 2012 at 04:59:09 PM EST
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