Granny, can you give me the URL to the latest terror thread again? I don’t think it would hurt to have it on this thread. I want to post what I found last night here and on that thread. It is completely shocking and I believe an important preview of what our economic situation could become.
The background of the posts is this: the government of Argentina allowed the public treasury to assume debt incurred (possibly in fraudulent transactions) by private companies. Sound familiar? When the debt became too burdensome, Argentina defaulted. Overnight, the Argentine peso lost two thirds of its value (33 cents instead of one US dollar). The money supply collapsed. If you had $2000 in the bank, then the bank decided (i’m sure with the concurrence of the government) that you actually had only $666 pesos, not $2000. The author insists that the banks (perhaps it was also the Argentine treasury, or the IMF, or someone else, in addition to the banks) stole 2/3 of the deposited money. I suppose that could be debated. With runs on the banks, no one gets all their money back immediately. Eventually some of the accounts were settled, but there was a huge cash flow problem. People lost their jobs, crime skyrocketed, goods in the stores disappeared, mobs began to riot and loot with abandon, and no one was safe any more.
I urge everyone to read this account. Especially pay attention to the beginning where he describes the “pyramid” analogy. It will help you understand what follows. It may portray our future:
http://www.rapidtrends.com/blog/surving-argentinas-economic-collapse-part-1-3/
http://www.rapidtrends.com/blog/surving-argentinas-economic-collapse-part-2-3/
http://www.rapidtrends.com/blog/surving-argentinas-economic-collapse-part-3-3/
The author calls himself Ferfel.
His ongoing blog is here:
He has posted a series of videos here, describing the history of Argentina’s descent into chaos and poverty:
http://ferfal.blogspot.com/2008/07/video-worth-watching-argentinas.html
As he says, the videos are written and presented from a leftist point of view, but worth watching to see the result of the devaluation. This happened in 2001 and was a watershed date for the country. Everyone refers to “before 1:1” or “since 2001.” They universally hate the International Monetary Fund.
A couple more videos I found, I have not reviewed them so I don’t know if they are tin-foil hat material:
http://www.anglofareast.com/crash_course.php
http://www.iousathemovie.com/?lk=7659286-7659286-0-34076-fcXszkyoaFuEeycRQu5oKhzRvYTkf764
Thank you BananaSlug.com!!
Granny, can you give me the URL to the latest terror thread again? I don’t think it would hurt to have it on this thread.<<<
http://www.freerepublic.com/focus/news/2052529/posts?q=1&;page=3651
That is a good article, I read it last night, and don’t remember If I posted it or not.
With admitted communists for rulers, we can only go down.