The Great Money Migration of the US Dollar
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
dailyreckoning.com.au / By Bill Bonner / April 12, 2013
Are we a ‘criminal element’?
Maybe.
Back in the USA, stocks rose again. Gold went down…and everybody seems to think it will be going down forever. A word of caution: probably not.
Last week, we went to São Paulo, Brazil. There, too, we found taxi drivers who knew a lot more about monetary crises than the typical US economist.
‘I remember. I was just a kid. But my father would call and tell us to run to the grocery store. He had just been paid. We’d dash for the grocery story, meet him there, and buy everything we could. We spent every cent in just a few minutes.’
Our friend was recalling what it was like in the late ‘80s in Brazil. The government had caused inflation…then hyperinflation. Prices rose so fast that as soon as people got some cash…they ran to the grocery store to spend it.
Then, later, there was no point. Hyperinflation reached 30,000% in 1990. What cost one reais in 1980 cost one trillion reais in 1997. The hyperinflation wiped out the middle class…and wiped the shelves clean.
‘It’s hard to run a business when you don’t know what your money is going to be worth,’ said our friend. ‘Businesses tended to just stop.’
And here in Argentina, there came an announcement this week. The government will freeze the price of gasoline for the next six months. Price controls didn’t work for the Romans. They didn’t work for the Germans. They didn’t work for the Zimbabweans…or any of the other hundreds of governments that have tried them. But who knows? Maybe they’ll work for the Argentinians…
Thanks to BrotherJohnF
2013-04-12 09:03:39
Source: http://silveristhenew.com/2013/04/12/the-great-money-migration-of-the-us-dollar/
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