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So, what gives money its value now? "Money is what money does", says John Winchcombe, "and therefore is all to do with trust. If you believe that a banknote has value, it does have value". "A banknote never loses its face value," says Andrew Bailey. "A five pound note will always be worth five pounds. What really makes the value of money go up and down is inflation and the economy, and that's what we call real value." In Argentina, until 2002 one peso was worth one US dollar - it was
called the "convertibility system". But a deep recession led to currency
devaluation - within less than a month the peso in people's pockets was
worth a third of its previous value. Argentina's debts though were still
in US dollars. |
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