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And guess what? A USD is probably convertible into LC anywhere on earth too.
Not always, I’ve been in foreign banks (Korea, Chile) that refused to exchange USDs and was told to use the ATM to get local currency. The same with business owners and restaurants, they didn’t want the hassles of dealing with the USD as paper currency.
Not always, I’ve been in foreign banks (Korea, Chile) that refused to exchange USDs and was told to use the ATM to get local currency. The same with business owners and restaurants, they didn’t want the hassles of dealing with the USD as paper currency.
Of course it’s not always. Obviously the entire concept of a LC is that it’s used to conduct business.
I guess my point is that it’s just as convertible or probably more accepted than gold would be. It’s not like you can walk into a restaurant in Chile and use gold either.
But in general, the USD is widely accepted. I’m surprised by the banks though. Unless it’s because you didn’t have an account there or something and they don’t want to take the risk of dealing with you. But who knows.
[quote=Thatsright19;58565696]I don’t know, but I doubt a gold bar helped some one out much in 1933 or 1945 in Germany. Guns are the currency of the realm in a collapse./QUOTE]
I don’t know, but I doubt a gold bar helped some one out much in 1933 or 1945 in Germany. Guns are the currency of the realm in a collapse.
And Oh how I love when people use the term “real” money. Ask them how much gold they have, and they’ll measure it in usd value.
A currency is little more than a store of value to facilitate transactions.
a USD can compel someone to provide me services or provide me goods. Why is that not “real”?
And guess what? A USD is probably convertible into LC anywhere on earth too.
^^^ This is sorta what I'm getting at.
Grandfather and grandmother had to escape Nazi Germany in 1933 and 1939 respectively. Both were families of modest means (upper 10%???) and it took a lot of their wealth, but more importantly, tremendous social capital, to escape.
If they had planned to stay put they would have needed even MORE social capital, specifically someone to house, hide and feed them.. for years.. maybe gold would have come in handy, but mostly it was probably decades of trust building and various kinds of reciprocity.
In this game the objective wasn't to defend, but rather, disappear. Guns would be useless against secret police.
Location: Was Midvalley Oregon; Now Eastside Seattle area
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FYI, Older Bro helped formulate US Gold policy as a young PhD while at the FRB_NY.
The argument is that gold is a commodity that can be traded. As a substitute for fiat currency, gold is inefficient, and is no better than corn or banking services.
Not always, I’ve been in foreign banks (Korea, Chile) that refused to exchange USDs and was told to use the ATM to get local currency. The same with business owners and restaurants, they didn’t want the hassles of dealing with the USD as paper currency.
when we went to cuba we had to first convert our dollars to euro's . then when we got there convert to the cuban money .
they don't want dollars there and so the levy a 10% tax on a dollar plus a 3% conversion fee ... if you convert a euro it was only a 3% conversion fee
Grandfather and grandmother had to escape Nazi Germany in 1933 and 1939 respectively. Both were families of modest means (upper 10%???) and it took a lot of their wealth, but more importantly, tremendous social capital, to escape.
If they had planned to stay put they would have needed even MORE social capital, specifically someone to house, hide and feed them.. for years.. maybe gold would have come in handy, but mostly it was probably decades of trust building and various kinds of reciprocity.
In this game the objective wasn't to defend, but rather, disappear. Guns would be useless against secret police.
That is true about disappearing being the most important. It’s not like even guns help you survive on an individual basis when you’re fighting against much stronger forces. At best you’re just trading out your life for one or several on your way down. You’re just a kite dancing in a hurricane.
From the history channel’s “Rise of the third Reich” documentary:
“We had to pay this year’s taxes and next years taxes, even though we would no longer be living in Germany. But NO PRICE is too much. THIS is a country to get out of....even if you have to do it naked.”
Physical gold is one way to bypass gift taxes and death taxes (illegally). You buy gold coins and put them into your home safe. Your beneficiaries open the safe and remove the gold coins.
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