can someone tell me a few da’s of commodity money, as simply put as possible please.
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1 Response
The biggest problem with having a currency that is dependent on commodities is price volatility. When the price of oil goes up a lot, so does the value of the Canadian dollar. Sounds good right? But two weeks later Russia could announce that they found the largest oil reserves on Earth and that would drive down the price of oil, and with it the value of the Canadian dollar (or any other currency strongly tied to the price of oil.) There is a lack of stability when a currency depends on being able to find and produce a particular naturally occurring but naturally rare substance.
Posted on April 22nd, 2010 at 8:15 pm
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