A bigger factor might be the need of the government to get the seigneurge (sp...sorry i can't spell) off the money. That's the difference between what it costs the government to print the note versus what it is actually worth. So my guess would be that the government is trying to make some money (since tax collection has collapsed) off of printing notes and is then using the resulting seigneurge to buy forigen curreny.
It's a not-insignificant difference in money that can be created, especially if you're printing tons of notes. However, because of the inflatiornary impacts it's not one that actually gets seen very often in the real world.
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