Déjà Vu: When Money Dies
Janet Tavokoli / Hufffington Post Blog
An important element of national security is the soundness of our currency. Before a currency goes into freefall, its value can be chipped away while a distracted population fails to notice that the currency buys cheaper quality clothing and less food in a package at a grocery store. This can drag on for decades, and sometimes the currency doesn’t go into freefall, it simply slowly erodes in value. That’s the current situation with the U.S. dollar.
There are two more presidential candidate debates and one vice presidential candidate debate coming up. I’ll be watching with interest to see what our candidates propose to do about protecting the value of the dollar in wake of our ongoing financial crisis.
Currency in Freefall
But what happens when a country’s currency is in freefall? You need look no further than current turmoil in Iran to find out. Meat is a luxury item. People are hoarding food because prices are skyrocketing. Relative to the dollar, the rial dropped 60% in eight days including a drop of 18 percent on October 1. Yesterday the rate was 36,100 to the dollar, but you couldn’t trade the rial for dollars. In other words, the currency stopped being convertible.
continue at Huffington Post Blog here:
http://www.huffingtonpost.com/janet-tavakoli/deja-vu-when-money-dies_b_1938668.html
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