Suppose you wake-up one morning and all news outlets are reporting the following: Congress has just passed & the president has approved legislation that would change the U. S. currency. Now, instead of the Federal Reserve Note, the U. S. currency (the $1, $5, $10, etc., and all those pocket coins) have been replaced by wheat. Yes, that is correct: Wheat!

The currency exchange rate is one pound of wheat equals, in value, the "old" U.S. dollar. In short, the "new "currency is now wheat. How would you react? What do you think the short-term and long-term effects would be?