YAP, THE SMALL ISLAND WITH SO MUCH BIG AND HEAVY MONEY THAT NOBODY COULD MOVE (OR STEAL)
https://resizer.glanacion.com/resizer/v2/MY3IWTH3PNHLLKOR4SOU4O56EI.png?auth=a1ec64203f2986e5e8a9f5d1650b1ea3fd719bd0d24f349a321d8bf829106bde&smart=true&width=703&height=671
✍️ The article discusses the unique monetary system of the Yap Islands, where stones called rai are used as currency. The rai are extracted, labored, and transported to the islands, and their value is determined by their size, quality, and the effort required to obtain them.
👉 The rai stones are used as currency on the Yap Islands 👉 The value of the rai is determined by their size, quality, and the effort required to obtain them 👉 The rai are extracted from the sea floor, labored, and transported to the islands 👉 The traditional monetary system of the islands was affected by the introduction of modern technology and the US dollar
-- #WilliamHenryFurnessIII #MiltonFriedman #DavidO'Keefe #RobertMichaelPoole #YapIslands #Babelthuap #Oceanía #EE.UU. #NuevaYork #economy
Loading quoted post…
