We’re heading into a currency crisis. IF YOU’D LIKE TO KNOW WHAT HAPPENS NEXT, BORROW THE CLIFF NOTES FROM ARGENTINA, which used to be one of the richest countries in the World. Here are the highlights of analyst Jeff Clark’s findings from his recent trip. His article is linked below.
“Following a currency crisis, the government becomes a competitor. It fights with its citizens for each piece of the pie. And its appetite is insatiable.”
“Gentlemen don’t dress for dinner anymore… Many don’t even shave… Why bother?”
“Food wrappers and other trash litter the streets, even though there are trash cans on every corner and it takes little effort to properly dispose of the garbage. But why bother?”
“Dog walkers leave their clients’ poop in the middle of the sidewalk despite the stench and mess it makes. Why bother?”SO HOW’D THAT WORK OUT FOR THEIR ECONOMY AND ALL?“Most of the people I’ve met here in Argentina do so by hiding their wealth. They send it overseas, or bury it in their mattresses. They don’t keep it in the banks for fear of confiscation. So the money never makes its way into the economy and growth is always less than what it could be.”