At least someone wants US Dollars.
In a cautionary tale about what happens when
inflation gets out of control, there were riots in Somalia recently over rising
costs, counterfeit money and local traders refusing to accept local notes (demanding
US dollars instead).
While the scale is different, human responses to fear and greed
Whack! What Happened to Real Estate?
Fear hits a little closer to home. Recently, the US housing market has taken a pretty big hit. Apparently, California has been hit harder than most other parts of the country. Here is an LA Times article making that abundantly clear.
It made me check the value of my house. Here is a site that makes that easy; it is called Zillow. Certainly worth the click.
All this led me to an interesting photo essay about crashes, stagflation and bear markets from US News World Report.
This photo shows a bankrupt investor attempting to sell his luxury roadster for $100 cash on the streets of New York, October 30, 1929.
Hopefully, by listening to the whispers of history, we won’t have to repeat it.