They receive the goods that those currencies can be exchanged for.
Money on its own doesn’t feed, shelter or clothe.
It’s only useful insofar as it’s accepted by the producers of actual goods and services.
This simple truth is hopefully useful as a backdrop to what’s happening in Europe right now.
...But wait, some will say, Europe has a “safety net.”
Its countries are led by enlightened types who place a cushion under the economically displaced. Don’t readers remember all the fawning reports from Europe in April and May? It was said then that Europeans believe in science (hence the lockdowns), and their belief in science positioned governments to shut things down sans protest.
Its countries are led by enlightened types who place a cushion under the economically displaced. Don’t readers remember all the fawning reports from Europe in April and May? It was said then that Europeans believe in science (hence the lockdowns), and their belief in science positioned governments to shut things down sans protest.
- Europe got it right was the view. Its people stayed home in order to keep the virus at bay (except for where this didn’t work very well – think France once again….), plus they kept their jobs.
- Except that they didn’t. Whether public or private, corporations aren’t charities. Eventually they were going to run out of the funds to prop up the alarmism of enlightened European leaders and citizens.
- This happened precisely because European governments ran out of money...Read all.
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