Yanis Varoufakis: “Greece Will Adopt the Bitcoin If Eurogroup Doesn’t Give Us a Deal”

[Nuclear Unicorn]

70. Cash has value outside of the economic activity that it represents because of its liquidity.

Take that away by saying cash cannot move outside a nation's borders without government approval and that currency is going to tank. No is going to move money into a system that can seize their money on a whim. Foreign investment will dry up and money won't move outside the country.

The nations serving as currency safe havens do so because it is profitable for them to do so. Unless you're willing to violate their sovereignty to arrest people off of their streets and seize money in their bank vaults not much is going to change.

The problem with Greece is: They don't produce anything. If they produced enough to support themselves they wouldn't need outside assistance. If they produced things others wanted the money would be coming to them.

Assuming the OP isn't an April Fool's joke it's still a joke. Greece may as well be an unemployed guy telling a bank that unless the bank approves a triple mortgage on the same house they're going to stop using the bank's money and start using Monopoly money. It's not his fault he's unemployed but he's asking for money he currently cannot repay and his ultimatum rings ridiculously hollow.