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Did US have economic shocks? Compared to, say, Eastern Europe or Sub-Saharan Africa, all people who lived through real economic shocks and hyper-inflation tend
by deepsun 8mo ago
Did US have economic shocks? Compared to, say, Eastern Europe or Sub-Saharan Africa, all people who lived through real economic shocks and hyper-inflation tend to save less, not more. Because they know the savings can evaporate one day.
- 10000truths 8mo agoThey absolutely save. Just not in their own currency - they'll instead rush to cash out for gold, USD, prime real estate (if they're rich), or some other less volatile store of value, before their currency gets devalued even further.
- deepsun 8mo agoGold and USD is easily stolen, especially if stored in a bank. Prime real estate will find a new owner (e.g. the case I saw myself -- surprise, turns out the seller, even if's the government/municipality itself, did not have rights to sell you the land 15 years ago, good bye). Been there, done that.