Aug. 31st, 2004

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Testing Hblogger, which ought to let me post to LJ from my Palm. Just in case I can't go five days at Worldcon without posting.

[Posted with hblogger 2.0 http://www.hexlet.com/]
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BoingBoing linked to this great article examining the economic underpinnings of Gilligan’s Island, “The Monetary Economics of Thurston Howell III”. Along the way, the author passes along this bizarre observation:
After the invasion of Iraq, there was no more central bank printing dinars and no more Iraqi government to put the fiat behind its fiat currency. The American military started handing out US$20 bills and expected the Dinar to fade from existence. Instead, to the chagrin of the occupation force, the Dinar's value doubled against the Dollar in two weeks. Statues of Saddam Hussein were being toppled, but his face was still on the preferred currency, and gaining in popularity. Some saw this as patriotism: a silent protest by the occupied population against the invading force. But we need only look further north, to the Kurd-controlled areas, to find a more economic explanation.

After the first Gulf War, Iraq changed its currency from the so-called Swiss Dinar to the more recent Saddam Dinar. When a government changes its fiat currency, it announces a transition period during which the old bills can be brought in and exchanged for the new. After the window closes, the old notes are declared worthless.

To no one's surprise, the rebel Kurds did not visit the Iraqi government to make such an exchange. They just kept using the old money. It was familiar, hard to counterfeit, and in its post-fiat status, it was no longer inflationary: that is to say, the relatively fixed supply of notes made the currency a better store of value than the new Saddam dinars being printed (and printed and printed) further south.
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Stopped off at Hudson County Art Supply on the way home, hoping they’d have some interesting sketchpads. Nope. What they did have was a couple types of Pentel Japanese brush pens, of types I don’t already have. Whee! Better yet, they hadn’t been entered in the register database yet, so they had no idea what to charge me for them, and decided on $2.25 each! Here, the Pentel Pocket Brush Pen (just like Craig Thompson uses), and the Pentel Color Brush Pen.

I’m liking the marks these make, though now I’m carrying around no fewer than six ink-filled brush pens in my pocket. One good shot to the left hip, erm. I think I’d better bring my black pants to the con.

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