Cash Is a State-Backed Utility – Part 1

The year 1971 was a seminal one for the world of finance: West Germany withdraws from the Bretton Woods system, the US cancels the direct convertibility of the dollar to gold, the US dollar floats against the Japanese yen for the first time and John Lennon’s second album, Imagine, is released.

As we can only speculate, or shall we say, ‘imagine’ the effect Lennon’s album had on the global monetary system, it is safe to say the other developments had an immediate socioeconomic impact and set in motion a ser ...

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