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 Replies: 17 / Views: 3,817 |
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Pillar of the Community
 United States
624 Posts |
Quote:
Also, it seems like it is small businesses that get hurt the most since they cannot or do not accept credit cards and can't get the money they need to make change. Is that the case or did I misunderstand? Yes the small markets and businesses were getting hurt the most. And the poor who needed money in a mostly cash society. The rich still seemed to find ways to get large sums of cash, but those selling things in markets weren't getting enough business. We were very stingy with our rupees even though we had plenty of US money to spend and tons of things we wanted to buy. |
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Pillar of the Community
Canada
5255 Posts |
Wow, what a crazy situation. What would happen in the US if all notes bigger than $1 were about to become obsolete?
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Rest in Peace
United States
17900 Posts |
Great and interesting story. Thanks for sharing it.
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Pillar of the Community
Germany
1064 Posts |
Sometimes, when you look back, these things make travelling more interesting, yes, more frustrating at the same time, but you'll have stories for the rest of your life on this one. Tell the grandkids every year and pretend you've just got memory loss or something, they'll forgive you.
Makes you wonder the pitfalls of travelling. Two years ago I travelled through Zimbabwe. I went to the ban in Masvingo (near Great Zimbabwe) and took all the dollars I'd need from the Bank. This year there were massive queues at the bank, I got lucky.
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Moderator
 United States
34448 Posts |
Very interesting trip, with a side story of numismatics. Thanks for sharing!
"If you climb a good tree, you get a push."
-----Ghanaian proverb
"The danger we all now face is distinguishing between what is authentic and what is performed."
-----King Adz
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Valued Member
Canada
224 Posts |
What would be horrible for the USA:
An enemy country starts secretly producing high denomination counterfeit US banknotes that are undetectable.
They fly airplanes above large cities and drop trillions of $ worth of undetectable banknotes.
US economy crashes.
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Pillar of the Community
United States
624 Posts |
If that did happen in the USA, everyone who voted for Trump's wall would try to run up to you in Canada and Canada would close us in to prove to us that irony and karma exist. :) :)
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Pillar of the Community
United States
624 Posts |
I would hope that our nation would have some sort of plan in case of hyperinflation whether real or artificially created. And also that our people would be resourceful enough to start bartering and abandon the worthless notes. But time and time again this sort of thing happens and citizens cling to the dead valueless money even as it plummets. In Venezuela right now their money is so worthless that they are using scales to weigh deli meats, and then weighing the money they are using to pay for it on the same scales because its quicker than counting all of it. It is 1923 Germany all over again when a loaf of bread was 6 Million Marks and people were using money to wall paper their home because it was cheaper than wall paper. :(
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Rest in Peace
United States
7075 Posts |
In 1971 we all survived a wage and price freeze here in the US.
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Pillar of the Community
Germany
992 Posts |
Thanks for the travel report. Very interesting. Quote:
In Venezuela right now their money is so worthless that they are using scales to weigh deli meats, and then weighing the money they are using to pay for it on the same scales because its quicker than counting all of it. Finally, their government has come to its senses and realized the situatuion has become untenable. A new series of banknotes will be introduced starting next week ((500, 1000, 2000, 5000, 10000, and 20000 bolivars). First one will be the 500. Edited by redlock
12/08/2016 05:00 am
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Valued Member
Canada
224 Posts |
Hyper-inflation has a few ways to get around depending on the country. In the states you can value the metal of their coins: http://www. (207) Not Allowed - Auto-Removed .com/coin-melt-values/ Similar here in Canada: http://www. (124) Not Allowed - Auto-Removed .com/canada/ Silver, Gold, and other metals may be used to barter as well. |
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Pillar of the Community
United States
992 Posts |
Venezuela can print all the 20,000 Bolivar notes they want, just like the Weimar Republic when they thought reprinting the Imperial German 1,000 Mark note was all they needed to do to.
They would be better off by realizing they are just chasing their own tail, and adopting the US dollar as their national currency, like Panama and Ecuador. Instant quasi-stability in your economy.
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Pillar of the Community
Canada
818 Posts |
I really enjoyed reading your story. It's hard not to think that the government failed the people there in some way. Perhaps their intentions were good but it sounds like the idea was not completely thought out.
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Valued Member
Canada
224 Posts |
Here in Canada all we needed to do to fight crime was discontinue the $1000 note.
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New Member
United States
25 Posts |
I agree with AgHoarder. The government's intention was good, but it was poor execution. Middle class and lower middle class people who mainly deal in only cash suffered a lot due to this.
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Replies: 17 / Views: 3,817 |
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Posted 12/06/2016 5:26 pm
