That most dangerous year begins as soon as Spain and Greece default on their bonds if there is no systematic worldwide program of scientific and rational debt cancellation.
In France bank runs take the form of computers going down when too may customers demand their money. In Italy BNI shut down leaving customers with as little as ten or twenty euros to feed their families for a month. People with automatic paycheck deposit saw their wages deposited into a bank that legally did not have to give them any money to buy food and pay their bills.
Lessons Learned: Cash in hand is more valuable than credit at a bank. And automatic check deposit might not be such a good idea in times of bank runs and banking holidays.
On July 4, 2008 a bottle of beer in Zimbabwe cost 100 billion dollars at 5:00 PM but at 6:30 the…
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