when the United States invaded Iraq, aerial bombardment destroyed the Iraqi central bank and with it the capability of the Iraqi government to print new Iraqi dinars. This led to the dinar drastically appreciating overnight as Iraqis became more confident in the currency given that no central bank could print it anymore.20 A similar story happened to Somali shillings after their central bank was destroyed.21 Money is more desirable when demonstrably scarce than when liable to being debased.
