Tuesday, January 28, 2014

Worldwide Bank Run?

Combat Art by WilliamBanzai7 -  http://williambanzai7.blogspot.com/

"The thing was, though: When James Wait got there, a worldwide financial crisis, a sudden revision of human opinions as to the value of money and stocks and bonds and mortgages and so on, bits of paper, had ruined the tourist business not only in Ecuador, but practically everywhere...Ecuador, after all, like the Galapagos Islands, was mostly lava and ash, and so could not begin to feed its nine million people. It was bankrupt, and so could no longer buy food from countries with plenty of topsoil, so the seaport of Guayaquil was idle, and the people were beginning to starve to death...Neighboring Peru and Columbia were bankrupt, too...Mexico and Chile and Brazil and Argentina were likewise bankrupt -and Indonesia and the Philippines and Pakistan and India and Thailand and Italy and Ireland and Belgium and Turkey. Whole nations were suddenly in the same situation as the San Mateo, unable to buy with their paper money and coins, or their written promises to pay later, even the barest essentials... They were suddenly saying to people with nothing but paper representations of wealth, "Wake up, you idiots! Whatever made you think paper was so valuable?" -- Kurt Vonnegut, in his novel Galapagos (1985)

source: http://www.survivalblog.com/2014/01/hughs-quote-of-the-day-5.html

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