Posted on 09/04/2014 4:16:23 PM PDT by dontreadthis
Imagine this scene:
Everyone in the country was in shock. Peoples net worth had devalued more than 53% overnight.
The value in savings accounts dropped in half and neither merchants nor consumers knew how to react because they had never been through something like it before This is how an American business executive described living through Mexicos devaluation of the peso exactly 38 years ago on September 1, 1976.
Looking back, it was so obvious.
Mexico had a mounting debt, destructive policies, and a woefully unsustainable fixed exchange rate with the US dollar. All the writing was on the wall.
But most people ignored the warning signs and kept their money in pesos.
Mexican President Luis Echevarria even went out on the radio to reassure people that the currency was safe.
Finally, under intense fiscal pressure, the government reached its breaking point. And on August 31, 1976, they made the decision to devalue the peso.
People woke up the next morning on September 1st to a 50%+ decline.
(Excerpt) Read more at zerohedge.com ...
If you get an answer, please ping. Thanks.
No, you don't. You lost them along with my guns last year when my pontoon boat capsized.
“Congress shall have the power to COIN money”. Coin, not print.
I'm a free man, living lawfully, and I'll be damned if I cower and hide like a rat.
"The guilty flee where no man pursues".
They can only kill me once, and I'll live free or die.
I won't live like a coward or sneak.
/johnny
The fracking revolution is creating billions of dollars of real money much faster than the fed is creating billions of dollars of fake money.
At the same time the EU and Japan are getting into the printing fake money game without the backing of rising oil revenues.
Zerohedge may be right about a currency collapse but its not going to come to the US dollar.
The dollar is currently melting up in price rather than down.
http://www.barchart.com/charts/stocks/$DXY
However, it could be another currency that does melt down.
Not to worry. I’m heavily invested in peanut butter, canned tuna, and dry dog food for our 4-legged security systems.
What Happens When A Government Destroys Other Countries Currencies? (backed by a war machine and an unlimited debt machine)
Don't want em lookin at me like I'm dinner :)
Ha, ha, yes, I like to think they follow us with their eyes because they adore their masters, not for any other reason.
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