Estrada sentenced to life imprisonment in Philippines

[andypaul]

I know plenty of Indians (and people of other races)who have found it very useful to have gold (serious amounts not a wedding ring) in times of emgency. When a currency becomes worthless gold tend not to for one reason and another.

When indians and pakistanis had to leave east africa in a hurry they legged it with their gold, not their currency from the storys im told by those there.

Wont help you at the local branch of hsbc to pay of your overdraft.

Might help you if your local/own currency devaules dramtically, trade with those whose currecny it devalued agiasnt.

[fred]

I know plenty of Indians (and people of other races)who have found it very useful to have gold (serious amounts not a wedding ring) in times of emgency. When a currency becomes worthless gold tend not to for one reason and another.

When indians and pakistanis had to leave east africa in a hurry they legged it with their gold, not their currency from the storys im told by those there.

Wont help you at the local branch of hsbc to pay of your overdraft.

Might help you if your local/own currency devaules dramtically, trade with those whose currecny it devalued agiasnt.

True Andy, only I took a bar down to our local sari sari to buy a bottle of Red horse but the stupid girl had no change!!..
Think I`ll stick with the cash for now...
Gotta keep the beer flowing if you know what I mean?

[baboyako]

Might help you if your local/own currency devaules dramtically.

Thats one of the arguments in favor of being in debt. When the government devalues (i.e. increases the money supply) it effectively reduces your debt in real terms.

Today for instance, reserves were expanded by 4.4 billion. now because of the reserve banking system - this is probably more like 40billion. this has effectively given everyone in debt a real reduction of something like 4% of their debt outstanding (assuming 1 trillion total debt ).

of course for everyone else - it's just inflationary.