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26 comments on The Finance Round-Up: October 2nd 2007
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If you can only take X$/mo out of your bank accounts, no one will take anything other then cash for many goods and services. Two separate economies develop overnight. The official stuff you do with keystrokes. Food? Gas? that sort of thing, not a chance in hell. About a year ago they had a bit of a gas shortage here locally because of a problem with a pipeline. You had to wait for the tanker to show up or get in line if you found a station that had gas, they only sold you $100.00 worth max and you had to pay cash. I just mention it to preempt the "it can't happen here".
In Argentina in those days the U$S was king, not the Peso/Austral. Here there is no popular culture of having a hard (well it used to be hard then) currency running semi underground in parallel.
In the US maybe 1% of the population knows what a Euro looks like or what it is worth. That's why as a whole we will get hit much harder. Believe it or not, even in a place like Mexico City the people on the street are much more sophisticated then here when it comes to dealing in foreign currency or PM. They had huge currency devaluations there in the 70's.
I have seen the drill personally 3 times, Mexico City, Buenos Aires, Moscow. I know how it worked then, gives one little head start even if it is comparing Copacabana with Fallujah.
Correction, it probably was more like three years ago as I still had the PU truck then.
Thanks for that musashi, The disconnection was just that which you mention of there being two economies, one for the rich and one for the survivors:). Street level hustling, I can dig that. I will have to look into how things went in those crashes you mention. I should also re-read Dimitri Orlov, http://www.fromthewilderness.com/free/ww3/060105_soviet_lessons.shtml http://energybulletin.net/23259.html
I still miss my Toyota pickup after 7 years and it is near impossible to find anything small and useful today, just those beasts so high one needs a stool to stand on to load the manure ....stupid things. The only things I ever see them carrying is beer. Maybe that's the draw there?
For the moment it looks like the Canadian loonie would be a collectible? What do you think will be the currency of future choice? Cowry shells to go with soft summer nights were my pick but with global climate change that market might be flooded.
It isn't two economies, one for the rich and one for the survivors. It is two economies for everyone. The very rich are only able to function for as long as they can hire help as they are too obvious a target. The dumb and the sheep never do well regardless. The activists are cannon fodder. Maybe the trick is to be able to function everywhere while keeping a low profile.
No idea how it plays out, sometimes you get parallel universes and different realities play side by side, all you can do is watch and try to read it.
One thing that doesn't make any sense, but if you consider the lack of main street knowledge re hard currency and PM's, is that maybe even if the U$S is destroyed internationally the U$S still is used internally for lack of anything better.
Forget the guys who preach BS to make a buck or further an agenda. Just like you can have inflation and deflation at the same time depending specifically for what, maybe the dollar is worth more or less depending precisely for what.
That's a question for the smart people here, I'm just thinking loud.
musashi, I really have to watch out how I say things that was supposed to be tongue in cheek about an economy for the rich and one for the poor, that is merely disparity. But I do think that a lot of the poor will fare better than one might think as they have had to depend upon each other closely for survival, they have had practice..
It was nice to know you have no idea how it will all play out as I could use company there. The whole situation is much too massively complex to do other than lend support to those about you and maybe get it when you need it.
Take a look at the Toyota Tacomas, both new and used, depending on whatever you can buy without credit, of course. If you stay away from the jazzed up "macho" versions, you will find that Toyota still also makes a version of the Tacoma that is 4 cylinders, normal height, and has a decent payload capacity. I know that the newer 4 cylinder Tacomas can get as high as 28 mpg, so while it is no Prius, it sure beats driving one of those monster SUVs, especially if you have regular hauling needs. I've been borrowing my son's Chevy Silverado 6 cylinder frequently and it has way more capacity than I've ever needed so I may decide to jump for a used Tacoma soon. Also check out the Nissan Frontier, another nice small truck. You have to sift through all the option packages but it's another truck with potential to be a decent hauler with solid mileage otherwise.
"The greatest shortcoming of the human race is our inability to understand the exponential function." -- Dr. Albert Bartlett
Into the Grey Zone