[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Sign-in]  [Mail]  [Setup]  [Help] 

Status: Not Logged In; Sign In

Will Treasury Secretary Bessent's Past (Soros) Come Back To Haunt Him Today?

BBC Under Fire for CENSORING Gaza Medic Documentary

US is Agreement Incapable

Blow to Israeli Intelligence. taping Israelis in bathrooms

“They have 500 mRNA shots in the pipeline.”

A US federal judge has DENIED Gavin Newsom's request to stop Trump from using the National Guard in Los Angeles.

Have You Noticed That Seismic Activity Has Been Going Nuts All Over The Globe

The Vax was meant to CAUSE cancer.... listen to this - this clip from RFK Jr's site

CNN Immediately Cuts Off Panelist Who Tells the Truth About the LA Riots

Army Secretary declares war on the military industrial complex

Former Israeli PM Threatens U.S. Will Get 'A Re-Run Of 9-11' If It Doesn't Fight Israel's Wars

7 Examples Of The “Mostly Peaceful” Los Angeles Riots Becoming Even More “Peaceful”

Biden Admin and ActBlue Funded Group Behind Abolish ICE Protests in LA

Murderers, rapists, gang members: ICE busts 12 of LA's 'worst' illegal alien criminals amid riots

LA Mayor Karen Bass Threatens Feds: Withdraw From LA Or the Violence Will Escalate –

Woman points gun at police and finds out

EXCLUSIVE: Rep. Ronny Jackson Accuses Biden Doctor Kevin O’Connor Of Sexual Misconduct

WHAT YOU’RE WITNESSING IN LOS ANGELES ISN’T JUST UNREST—IT’S MORAL COLLAPSE

Anna Paulina Luna Exposes the Guy Behind the Anti-ICE Riots

Mike Huckabee Working To Keep Netanyahu in Power

Israeli Military and Israeli-Backed Gang Shoot Aid Seekers in Gaza, Killing 14

Only 68 Building Permits Issued for Pacific Palisades After Wildfires Destroyed 6800 Structures

Violent Rioters Fire Off Exploding Projectiles at Police Horses Use Fireworks and Explosives to Attack Police

ICE Just Shattered Records With One Massive Operation That Has Democrats Fuming

Nolte: Insurrectionist Democrats Plan Another Summer of Blue City-Riots

Violent riots have now been reported in over 30 American cities. Heres a full list:

Mass shooter opened fire at graduation party was an migrant who was busted in LA ICE raids:

Cash Jordan: ICE Raids Home Depot... as California Collapses

Silver Is Finally Soaring: Here's Why

New 4um Interface Coming Soon


History
See other History Articles

Title: List of currencies gone worthless
Source: [None]
URL Source: [None]
Published: Aug 5, 2011
Author: Jeff Clark
Post Date: 2011-08-05 05:09:15 by Tatarewicz
Keywords: None
Views: 143
Comments: 3

BMG BullionBars recently published a poster featuring pictures of numerous currencies that have gone bust. Some got there quickly, while others took a century or more. Regardless of how long it took, though, the seductive temptations allowed under a fiat monetary system eventually caught up with these governments, and their currencies went poof!

You might suspect this happened only to third world countries. You'd be wrong. There was no discrimination as to the size or perceived stability of a nation's economy; if the leaders abused their currency, the country paid the price.

As you scroll through the currencies below, you'll see some long-ago casualties. What's shocking, though, is how many have occurred in our lifetime. You might count how many currencies have failed since you've been born.

So what's the one word for the "thousand pictures" below? Worthless.

1 Yugoslavia -- 10 billion dinar, 1993 2 Zaire -- 5 million zaires, 1992 3 Venezuela -- 10,000 bolívares, 2002 4 Ukraine -- 10,000 karbovantsiv, 1995 5 Turkey -- 5 million lira, 1997 6 Russia -- 10,000 rubles, 1992 7 Romania -- 50,000 lei, 2001 8 Central Bank of China -- 10,000 CGU, 1947 9 Peru -- 100,000 intis, 1989 10 Nicaragua -- 10 million córdobas, 1990 11 Hungary -- 10 million pengo, 1945 12 Greece -- 25,000 drachmas, 1943 13 Germany -- 1 billion mark, 1923 14 Georgia -- 1 million laris, 1994 15 France -- 5 livres, 1793 16 Chile -- 10,000 pesos, 1975 17 Brazil -- 500 cruzeiros reais, 1993 18 Bosnia -- 100 million dinar, 1993 19 Bolivia -- 5 million pesos bolivianos, 1985 20 Belarus -- 100,000 rubles, 1996 21 Argentina -- 10,000 pesos argentinos, 1985 22 Angola -- 500,000 kwanzas reajustados, 1995 Zimbabwe -- 100 trillion dollars, 2006 So, will a similar fate befall the U.S. dollar? The common denominator that led to the downfall of each currency above was the two big Ds: Debts and Deficits.

With that in mind, consider the following:

Morgan Stanley reported in 2009 that there's "no historical precedent" for an economy that exceeds a 250% debt-to-GDP ratio without experiencing some sort of financial crisis or high inflation. Our total debt, including the present value of future liabilities like Social Security and Medicare, now exceeds GDP by more than 400%.

Investment legend Marc Faber reports that once a country's payments on debt exceed 30% of tax revenue, the currency is "done for." On our current path, analyst Michael Murphy projects we'll hit that figure by October.

Peter Bernholz, the leading expert on hyperinflation, states unequivocally that "hyperinflation is caused by government budget deficits." This year's U.S. budget deficit will end up being $1.5 trillion, an amount never before seen in history.

Since the Federal Reserve's creation in 1913, the dollar has lost 95% of its purchasing power. Our government leaders clearly don't know how -- or don't wish -- to keep the currency strong.

Whether the dollar goes to zero or merely becomes a second-class currency in the global arena, the possibility of the greenback being added to the above list grows every day. And this will lead to serious and painful consequences in our standard of living. While money is only one of many problems we'll have to deal with, you can protect your assets with the one currency that can't be debased, devalued, or destroyed by irresponsible leaders.

Don't be the investor who dismisses this message from history. Use gold (and silver) as your savings vehicle. Any excuse you have now will be meaningless and irrelevant when we enter that fateful period. Make sure you own enough precious metals to make a difference in your portfolio.

Because when it comes to money, worthless is not a fun word. Regards,

Jeff Clark, for The Daily Reckoning

Post Comment   Private Reply   Ignore Thread  


TopPage UpFull ThreadPage DownBottom/Latest

Begin Trace Mode for Comment # 2.

#1. To: Tatarewicz (#0)

Make sure you own enough precious metals to make a difference in your portfolio.

That portfolio won't save you from the gangs of starving people.

RickyJ  posted on  2011-08-05   7:30:50 ET  Reply   Untrace   Trace   Private Reply  


#2. To: RickyJ (#1)

nope but the non-precious metals I've collected will.

IRTorqued  posted on  2011-08-05   11:47:16 ET  Reply   Untrace   Trace   Private Reply  


Replies to Comment # 2.

#3. To: IRTorqued (#2)

Right there with you.

TommyTheMadArtist  posted on  2011-08-05 16:28:32 ET  Reply   Untrace   Trace   Private Reply  


End Trace Mode for Comment # 2.

TopPage UpFull ThreadPage DownBottom/Latest


[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Sign-in]  [Mail]  [Setup]  [Help]