(29) Paradoxically,
inconvertible paper creates money shortages.
In contrast, any government that issues
inconvertible fiat paper and declares it to be the nation's sole legal tender establishes a fiat money monopoly.
In addition to his attack on the quantity theory, JMK argued for the retention of the then prevailing
inconvertible paper currency standard, and the adoption of a trident of control--the Bank rate, the forward exchange rate, and the buying and selling points of gold, both short and forward, as a means of regulating the paper currency standard.
Europe is developing and this process is
inconvertible and the progress relies on the energy recourses especially natural gas, which Europe has not.
Because [China] has been able to cut, not raise, interest rates in this crisis, despite maintaining a fixed exchange rate[,] and the reason it is able to do that is that it has an
inconvertible currency, a.k.a, exchange controls.
Nothing in Geddes's review suggests that such feats are possible by "ordinary mortals." We are thus left wondering whether Geddes would rather see qualitative researchers leverage theory and method to try to elaborate theoretically portable arguments-as we believe they can and should--or limit their sights to producing the equivalent of
inconvertible currency in case after unusual case.
Once in an
inconvertible fiat standard, the federal government soon started to inflate the money supply, which was done through the Legal Tender Act of February 1862.
It also signified that Illinois money had not been received in Milwaukee and Madison for several months because they were
inconvertible. (66)
provide special advantages in situations where the remitting country has a convertible currency and no capital controls, (42) and the receiving country has
inconvertible currency and/or a black market exchange rate." (43) Given the low overhead costs of hawala operations, as discussed above, hawaldars can profit from the slimmest of margins alone.
As to value-at-risk models, we now have
inconvertible evidence they are very useful when they don't matter and totally useless when they do matter.
In the second case, the cross-section remains
inconvertible and collapsing starts in the finite set of points or regions.
