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...The liability of a government when it issues a currency is to provide the services of a transactions medium to people. Governments actually charge a rent for the use of these services, which is inflation. Inflation decreases the purchasing power of money and in the absence of hyperinflation, people willingly pay this rental because of the convenience of holding a transaction medium that allows them to beneficially engage in economic activity. Governments confiscate currency when they renege on the monetary liability of liquidity provision services. The modus operandi of confiscating currency is to suddenly remove legal tender status from an existing currency and to make it difficult for the public to convert its full holding of decommissioned notes into the new currency. ...Live Mint on March 27, 2017, 2:25 a.m.