Switch trade can change
inconvertible currencies to be convertible, convertible to be inconvertible or non-convertible currencies each other.
Thus, Friedman's expectation--that such stable "monetary experience" under different forms of the gold standard and fixed exchange rates would "characterize our future"--could not survive his successful campaign to destroy the attenuated vestiges of the true gold standard incorporated in the Bretton Woods gold-exchange standard, inaugurating the era of
inconvertible currencies and floating exchange rates (1971-present), associated as it has been with increased monetary and economic instability.
Although the discount rates and the price of exchange were high, people hardly felt the harm of
inconvertible currencies. That is also why, when agricultural commerce resumed in the autumn of 1860, people could no longer bear the economic losses caused by 3 percent discounts on Illinois bank notes and 2 percent premiums on New York exchanges.
The December edition with his article on poverty in London, visas, beauty and the beast, and
inconvertible currencies, seriously questions his intelligence.
A US area, with the dollar at a fixed rate, an enlarged sterling area with floating convertible currencies based around sterling, and the rest with fixed
inconvertible currencies.
INCONVERTIBLE CURRENCIES We have spelled out ways organizational members operate to gain influence for achieving organizational goals.
