From FerFAL in Argentina: A US Crash that Will Parallel Argentina’s?.
Hi James,
These are hard times, indeed.
The parallels between the days before our own economy [in Argentina] collapsed
and what’s
going on today in America today are very hard to ignore.
Our local television seems to be getting some kind of sick kick out of all
this.
They showing the comparisons, even editing politicians and economists speeches
showing how similar they were to the ones the American politicians and economists
are using right now. In some cases, they even said the exact same line, the
only difference being the language.
About the article “Letter Re: What Are the Economic Collapse Indicators
to Watch For?” I’d like to make a few comments.
Some of the signs we could actually verify during our own 2001 crisis;
*Limits to withdraw amounts per day. This happened just one or two days before
banks actually closed.
*Sudden inflation. A few weeks before, but careful, it only turned into hyper
after banks closed.
*Rumors of default. Those had been going on for a while and that’s when
we slowly started investing elsewhere and slowly moving the money out of the
accounts.
*Limits to moving fund out of the country
*Limits to the transactions. At the end you could just withdraw like $250
per week, if you found an ATM with money. Otherwise
you had to suffer the terrible lines at he bank.
It’s just impossible to know exactly when it will hit, when banks will
say bye bye, but careful, timing is everything.
In my case, we had dropped by the French Bank and asked for $2,000 USD.
The employee talked to the manager and the manager came to us looking nervous
and said they didn’t have that kind of money right now, to come back
tomorrow.
“Wait a minute.. you’re telling me you don’t have 2,000 lousy
dollars, in the entire bank?”
”No.”
That same day we went down town to other banks, closed the couple accounts
left and one or two days later the crash hit and banks closed their doors.
Just a few days later, my wife’s father lost a 6 digit figure, their
fallback life savings.
He was an elderly man, but the bank didn’t care at all of course. He
died without seeing that money returned to him.
Do not expect any kind of mercy or sympathy from banks. You wont be getting
any.
People needing medical treatment have died in this country before court orders
came out demanding the bank to give the money to the person because of life
or death situations.
Some people have died of heart attacks at the bank’s closed doors, hitting
them with pans and fists.
Not trying to be dramatic here, but it did happen that way, and it’s
important for people to understand how serious this is.
I know a run in the banks is something you’d like to avoid. But remember,
that money is yours, and banks won’t be giving it back to you if they
close, you’ll loose a rather big percentage, and if the economy goes
down, it will only be returned to you after months, even years.
Maybe it would be a good idea to take another look at the
Wikipedia page that summarizes our 2001 economic crisis.
People should try to remain clam, but take the necessary precautions given
the circumstances.
Take care James. God bless you and all the readers, grant them the peace of
mind needed in these
trying times. – FerFAL
