There is an extremely interesting discussion of Argentina’s recent meltdown over on Metafilter. I don’t have an opinion on this yet. I need to spend some time following some of the offered links. It is scary to see how quickly an economy can flame out like that. Maybe there’s something to be said for keeping some of your assets in physical commodities under your bed — just in case.
Argentina’s Economic Collapse
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One response to “Argentina’s Economic Collapse”
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the problem is that whatever you do locally is worthless. if you own property (or gold), you can’t sell it (locally). if you rent, no-one can pay up. the only solution is an external, hard currency – which means dollars for most of us. of ocurse (as is obvious in retrospect in argentina), it’s not enough to have dollars in a local bank, because, when the chips are down, they’re effectively an investment in the bank, not cash.
it’s kind of ironic that this means there is nothing americans (citizens of the usa) can do to protect themselves…
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