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Castronova's scepticism stems from the way that Bitcoin is structured as a currency with a fixed size.
A currency with a lower value gives China a trade advantage by making its exports cheaper and imports from the United States more expensive.
A common tactic is the "carry trade", borrowing money in a currency with a low interest rate and investing the proceeds in a country with a higher one.
The rare infected bulbs were treated almost like a currency with a constantly multiplying value until the market crashed in 1637.
One of the most popular plays in the foreign-exchange markets is the "carry trade", which involves buying the currency with the highest yield, selling (or borrowing) a currency with a low yield, and pocketing the difference.
Anyway, as Thomas says, Wales is a relatively poor, backward economy — according to Eurostat, poorer than Greece — that shares a currency with a large area that is more affluent on average.
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The result was a currency with imaginary pan-European architectural features: an array of paper-money Potemkins.
Sharing a currency with weaklings will be a fillip in global markets, but for business the euro zone will matter ever less.
Yes, Germany's economy is propping up the euro, but it is still very odd that a currency with such an uncertain future has not lost more value (see chart below, green line).Britain provides the second new puzzle.
Instead short-term nominal interest-rate differentials have persistently reinforced currency movements; traders would borrow money in a currency with low interest rates, and invest the proceeds in a currency with high rates, earning a spread (the carry) in the process.
Rarely has a mining merger provided so much entertainment for the casual viewer.Glencore's IPO last year was designed to give it a currency with which to pursue Xstrata, a firm in which it already has a 34% stake.
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