FROM THE BOOK SHELF:A good guide to the stuff in our pockets

How money works Gold rush

ONE story in this surprisingly entertaining book on the nature of money is about the Irish banking crisis. The country’s bank system ground to a complete stop, with branches closed, the clearing system suspended and customers unable to withdraw or deposit money. As cash ran out, people had to find a way of paying their regular bills, or even just stumping up for a pint of stout in a pub. What actually happened was that businesses started accepting IOUs or cheques for everything, even though there was no telling when the cash would be forthcoming. It helped that a lot of Irish..more