{"id":9020,"date":"2015-06-12T05:39:04","date_gmt":"2015-06-12T10:39:04","guid":{"rendered":"http:\/\/olduvai.ca\/?p=9020"},"modified":"2015-06-12T05:39:04","modified_gmt":"2015-06-12T10:39:04","slug":"a-phd-in-monetary-catastrophe","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=9020","title":{"rendered":"A PhD in Monetary Catastrophe"},"content":{"rendered":"<h3 class=\"art-postheader\"><a title=\"Permanent Link to A PhD in Monetary Catastrophe\" href=\"http:\/\/www.acting-man.com\/?p=37914\" rel=\"bookmark\">A PhD in Monetary Catastrophe<\/a><\/h3>\n<blockquote><p>Editor\u2019s Note: As you know, Bill believes the U.S. is about to experience a violent monetary shock. So today, we\u2019re sharing with you a classic from the archives. It\u2019s Bill\u2019s firsthand account of Argentina\u2019s monetary crisis. But as an American, you may eventually experience a very similar situation \u2026<\/p><\/blockquote>\n<p><strong>Cash Only<\/strong><\/p>\n<p>One of the things that vexes just about everyone in Argentina is money. The value of the peso changes rapidly. There is the official rate. And there is the unofficial rate.<\/p>\n<p>Nobody knows what a peso is worth. Many people \u2013 including your humble editor \u2013 have to do some pretty serious calculating. The parts of his brain that do math must be swelling from overexertion.<\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-37918\" src=\"http:\/\/www.acting-man.com\/blog\/media\/2015\/06\/cash_only_inline.png\" alt=\"cash_only_inline\" width=\"500\" height=\"314\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>\u201cWe need gas for the truck,\u201d said Elizabeth yesterday.<\/p>\n<p>\u201cWell, I don\u2019t have any more peso cash. Let\u2019s put it on a credit card.\u201d<\/p>\n<p>\u201cThey don\u2019t take credit cards. Cash only.\u201d<\/p>\n<p>\u201cThen let\u2019s pay with dollars.\u201d<\/p>\n<p>\u201cDon\u2019t be silly. That would cost us 50% more. He won\u2019t give us a good rate.\u201d<\/p>\n<p>\u201cThen let\u2019s get some pesos at the ATM.\u201d<\/p>\n<p>\u201cThat\u2019s just as bad \u2026 we\u2019ll get the official rate.\u201d<\/p>\n<p>Let\u2019s see: We want to pay in pesos, but only if we get the pesos at the unofficial rate. Otherwise, it\u2019s better to pay in dollars, but only if the person on the other side will take the dollars at the \u201cblue\u201d or free-market rate.<\/p>\n<p>Usually, you end up somewhere in between. If you try to bring money into the country, the government insists you trade it on the official market. But you can still work out trades at the \u201cblue\u201d rate \u2013 either by bringing physical cash into the country or by working with an unofficial money changer.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p>&nbsp;<\/p>\n<div><\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A PhD in Monetary Catastrophe Editor\u2019s Note: As you know, Bill believes the U.S. is about to experience a violent monetary shock. So today, we\u2019re sharing with you a classic from the archives. It\u2019s Bill\u2019s firsthand account of Argentina\u2019s monetary crisis. But as an American, you may eventually experience a very similar situation \u2026 Cash [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1035,6306,426,6305,536],"class_list":["post-9020","post","type-post","status-publish","format-standard","hentry","category-economics","tag-cash","tag-exchange-rate","tag-inflation","tag-monetary-shock","tag-money"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9020","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9020"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9020\/revisions"}],"predecessor-version":[{"id":9021,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9020\/revisions\/9021"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9020"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9020"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9020"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}