Brasilien 1990
Geschrieben von MattB am 28. Oktober 2005 15:22:06:
also nicht nur im viel zitierten Argentinien lief es so ab:
""Gold and Deflation: Readers Weigh In,Rick Ackerman,Friday, Oct 28 [2005]""
http://www.321gold.com/editorials/ackerman/current.html
(Content hinter dem Link dürfte sich ändern)
Brazil’s ExperienceFrom Khalif David:
“You have made some very valid points that in the recent past have been borne out by experience. In 1990, Brazil was in a hyperinflationary mess. In March of that year a newly elected president took office and immediately announced the freezing of all bank and saving deposits except for a nominal amount that could be withdrawn from each account.
“The effects were something to behold! As you point out, everything collapsed simply because there was no readily available cash to pay for anything, even a currency that was losing 3% a day to inflation became extremely valuable. Gold, dollars and stocks all meant nothing -- just cash. The supermarket owners were the most sought-after people around because they were receiving cash. One could buy the blocked deposits at a 50% discount because so many people needed cash for urgent necessities.
“Since nothing was done about the underlying causes of inflation, it soon returned and the merry-go-round started again. But the stock market kept falling for another year and PE's of 1.0 or less were quite common.
“The lesson I learned was that in the short term you need huge gobs of cash, but in the space of weeks the hard currencies and gold reasserted themselves. But Brazil was different. We had no bond market to speak of and all government debt was churned in one day repo's or indexed to inflation, indices that were usually rigged. The asset of choice was land and property, not that they were liquid, just that it was more difficult to steal! But on a 3 year view, the stocks came off best.”