Greece should drop the Euro and go with the Gr.-Euro or Gyro :
Yes, the perfect currency for the ubiquitous item sold all over Greece :
Is this a joke ? No – the real joke is that most people don’t understand money or the credit system.
First let’s define the new Gyro. Greece should standardize the size, weight, and exact filing a a stand gyro, maybe even a location – say the central market below the Acropolis. You wouldn’t want to get short-changed with a mini-sized gyro, would you? Once you have established a standard, then let the currency represent that item. That is, in effect a one gyro $ is equal to a one standard gyro.
Once the standard is set, the government can jettison the Euro and establish the Gyro. By using a well-known item, the reference value for a medium of exchange is quickly established. Sure an upscale restaurant will charge more than the street cart, which might cost more than a gyro produced at home, but even those relative values would be quickly established. The beauty of the Gyro is that everyone everywhere in Greece knows what it is worth. In addition, everyone outside Greece would know approximately what they can get for for one Gyro – one gyro. Very quickly, all the prices in Greece would be reset and more importantly allow commerce to flow with the least amount of disruption.
Should the Bank of Greece store gyros ?
I wouldn’t recommend it. They wouldn’t last long even refrigerated. People try to use money as a store of value – just as with gold.- but it is not required. A measure by which parties can exchange does not of it self have to have any value. Certainly all the fiat money in use today has no value (not even toilet paper !) but it is used everywhere. The beauty of the gyro is that it makes it obvious. You can’t store it, but you know exactly what it is worth. The benefit of the gyro as a reference rather than other commodities is two fold. Most commodities have very volatile values caused by small changes in demand and supply – but staple prepared food items such as gyros, hot dogs etc have remarkably steady price histories. Secondly, not everyone understands the value of other commodities such as a barrel of oil. The remarkable aspect of the Gyro is that the reference gyro decays in value very rapidly, its value as a reference measure is remarkably stable.
The Universe is a humorous place. There is never any shortage of comedic material based on the division between the sacred and the profane. Though we try to be serious in certain matters, in reality simple relaxed approaches to problems work better. This article is a bit tongue in cheek, but hopefully reveals some obvious truths about money. As silly as it sounds, Greece would be substantially better off switching to the Gyro, repudiating the Illegitimate, Odious, and Illegal debt used by the IMF to make Greece a debt slave, and start fresh.
The story of the endgame of Greece is the same debt-slave story seen a hundred times – with massive amounts of debt and a possible complete breakdown – the oligarchy will come in and buy up everything. With all the valuable assets in hand, they will then remove the debts (the loans are not theirs ! someone else takes the loss !), and put the country on track again. This allows them massive gains on their investments in “distressed” assets. The biggest such looting took place in Russia.
All of the Greeks governments, including the current commie one, do not serve the Greek people. They serve the oligarchs in looting Greece to pay the IMF and foreign lenders. Instead, a true Greek government would get out of the Euro and go with the Gyro.