"When trust erodes, collapse accelerates". EXACTLY- and once the populace realizes that there's no reason to hold on to fake paper currency, the rush will be on. Just like in 1923 in Austria, Hungary and Germany, hyperinflation was so bad that people bought pianos and didn't even know how to play a piano.They just wanted to own something real because they had to spend their money as quickly as possible before it came became worth less the next day or even a few hours in the future.
That is excellent Curt. We call that "The Great Conversion", when people rush to convert their paper claims/assets into real things. Bill Bonner calls this the Crack-up Boom.
I'm not sure pianos would be near the top of my list do to the lack of mobility, but that is an fun example to get your point across.
Thanks for the comment, and all we can control is our response. Let's do this!
"When trust erodes, collapse accelerates". EXACTLY- and once the populace realizes that there's no reason to hold on to fake paper currency, the rush will be on. Just like in 1923 in Austria, Hungary and Germany, hyperinflation was so bad that people bought pianos and didn't even know how to play a piano.They just wanted to own something real because they had to spend their money as quickly as possible before it came became worth less the next day or even a few hours in the future.
That is excellent Curt. We call that "The Great Conversion", when people rush to convert their paper claims/assets into real things. Bill Bonner calls this the Crack-up Boom.
I'm not sure pianos would be near the top of my list do to the lack of mobility, but that is an fun example to get your point across.
Thanks for the comment, and all we can control is our response. Let's do this!