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jadedragon
Administrator
Canada
3788 Posts |
 Posted - 10/17/2008 : 15:26:58
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Pulled off Coinflation.com October 17, 2008
Argentines are scrambling to get their hands on pocket change as soaring inflation makes the copper and aluminum that coins are made of worth more than their face value. Many suspect profit-seeking hoarders are scooping them up to stow away. Argentine annual inflation officially hit 8.7 percent in September, but independent economists say the rate is closer to 25 percent. One peso, worth about US $0.31, now buys so little, it makes more sense to melt down its metal, an economist said. Some officials suggest the scarcity of coins has triggered a black market, with dealers collecting and illegally reselling them at a hefty markup. That only takes more coins out of circulation, and the government is struggling to keep up with demand. On the Buenos Aires subway system last weekend attendants ran out of change, forcing them to let passengers ride free for two days.
Is this where we are headed in North America?
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“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
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misteroman
Administrator
USA
2565 Posts |
Posted - 10/17/2008 : 17:26:40
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in some ways I hope so but in other ways it would be getting ugly so no.
D |
Buying CU cents!!!! Paying 1.2 unlimited amounts wanted. Can pick up if near Ohio area. |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 10/17/2008 : 18:19:06
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quote:
Originally posted by misteroman
in some ways I hope so but in other ways it would be getting ugly so no.
D
I hope not, but if it were to happen I sure would want to be holding coins. |
Realcent.forumco.com disclosure. Please read.
All posts either by the members, moderators, and the administration of http://realcent.forumco.com are for your edification and amusement only. It is not the intent of realcent.forumco.com or its host to provide investment, medical, matrimonial, legal, security or tax advice and nothing posted here should be considered to be so. All rights reserved.
Think positive. |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 10/17/2008 : 18:41:04
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| By the way, for those of us who may be having second thoughts about hoarding coins, well tell that to the Argentines. |
Realcent.forumco.com disclosure. Please read.
All posts either by the members, moderators, and the administration of http://realcent.forumco.com are for your edification and amusement only. It is not the intent of realcent.forumco.com or its host to provide investment, medical, matrimonial, legal, security or tax advice and nothing posted here should be considered to be so. All rights reserved.
Think positive. |
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Nickelless
Administrator
USA
5580 Posts |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 10/17/2008 : 20:29:25
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The Argentinians should have leaned the lesson concerning inflation and Fiat money by now since they have had several currencies since 1939-
Argentine Republic Coinage 1939-1979
Reform coinage 1983-1985
Reform coinage 1985-1992
Reform coinage 1992-present
Why would Argentinians bother to save with money like this? |
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Computer Jones
1000+ Penny Miser Member
USA
1112 Posts |
Posted - 10/17/2008 : 23:13:53
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Shushhh!!!
Don't tell the sheeple.
We got sonething good going on here.
The next thing you know some Crazy will try to hoard Cu by the tonne! |
There's profit if you melt things!!
8{> |
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a black market -dealers selling at hefty markup
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