Hey Jessiexpats
In a world of uncertainty, it's always great to look at the past, over the last few decades things have been relatively stable, the world continued with only a few crises in the grand scheme of things. We saw a few bumps along the way such as the global financial crisis in 2008; we saw Syria implode in the civil war, we saw Zimbabwe, Venezuela and Lebanon destroy their currencies in a matter of months.
As an outsider looking in, it's fantastic to see how much people are willing to put up with for the sake of remaining in their homeland. I thought it was patriotism at first, and that could be an element of it, but I started to look a little deeper.
I decided to look into whats going on in Venezuela, Lebanon and Zimbabwe as well as Weimar Germany where they also destroyed their currency through hyperinflation.
Assets are hard to move
I always say the things you own end up owning you, and I think this is the most significant cause for people not leaving and sticking things out in a hyperinflation nation. Your home, your job, your business, your stocks, your debt, your bonds, your banking, your savings are all generally tied to that country.
In a hyperinflationary event, you can't get into cash as the moment you sell something for money; you lose out to the inflation. It's hard to get into other currencies, and foreigners don't want your cash nor your assets as it pays in that currency.
Hyperinflationary situations leave the wealthy, middle class, working class all in a pickle as well as the poor. Everyone part from large asset holders that generate cash flow is relatively safe; the rest will all lose in these situations.
Hyperinflation is a self-serving tool to inflict pain on the majority to pay for the minority.
Stuck in your ways
Yes, you may have your life there, your family and your possessions and I are sure people who stick it out feel it's not going to be "that bad", and they'll recover. What people don't realise is that to keep governments and banks relatively honest, they need to leave, to go where they are treated best. The moment you allow someone to abuse you is the moment they realise they can continue to manipulate you.
Crypto gives you an out
Now with crypto, we have an opportunity to opt-out, you can move some of all your assets to the wallet and with something as simple as 12 or 24 words you can take your capital anywhere in the world. When immigrants fled Europe to various parts of the world during war times, they rebuilt their lives with what they could carry, this could have been gold or silver, and in some cases it was jewellery.
They would sell it and start a life somewhere, and many build new generational wealth in the process. I think crypto allows more people to be able to do this in modern times and will enable it to be more practical to pick up and go.
Could crypto unlock the potential for more comfortable capital flight and keep governments and banking on their best behaviour in the future? Who knows! But I think having a backup plan in case of STFH is always smart.
While we can't all afford to banker down in a base in New Zealand, we can make some plans to ensure we're not abused by our governments or left to deal with economic and civil fallouts.
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, comment "I am a Jessie."
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It's pretty cool to think you can just up sticks and go with nothing but a USB stick in your hand to have your finances on. I'm all about having options so the more the merrier
and if you don't have USB a 24-word keyphrase is all you need boom bam, through customs, I go with my life savings and they won't know a damn thing, tax these nuts son! Come in with refugee status, next week you;re living it up!
!ENGAGE 20
Yep, that's it! Make a note of the key phrase, hey presto, access your money anywhere! Refugee one week, lambo the next
Well with European banks taking a tumble in share price to close to multi decade Lows in an inflation rich environment I think it pays to be you own bank!
lol don’t worry banks you can come borrow from us we’re solvent but we don’t trust your track record so we’ll have to charge you like 10-% interest lll
Definitely! Going to be doing sat-ups from here on out!
ENGAGEtokens.