Argentina may be an unlikely place for a billionaire looking for stability. The country has careened through nearly a century of instability, marred by military coups and spectacular financial collapses epitomized by triple-digit inflation.
Inflation doesn’t matter if your wealth is in a (relatively) stable currency.
Even the relatively fast currency crashes are tracked in Forex quite closely, and nowadays even pedestrian banks us mere wage slaves can use offer near real-time exchange on e.g. card purchases. Billionaire’s banks offer even better rates and closer tracking… so it doesn’t matter if the local currency loses half its value overnight, and prices double - since the US dollar would remain relatively stable, a loaf of bread would still be $1, regardless if it cost 3000 coins in local currency or 6000 the next day.
Plus he can afford to pay 2-3-10x price for stuff. Thiel could spend as much a day as my annual salary every day for a year and still come out richer than he was…
My thoughts exactly, NYT.
Inflation doesn’t matter if your wealth is in a (relatively) stable currency.
Even the relatively fast currency crashes are tracked in Forex quite closely, and nowadays even pedestrian banks us mere wage slaves can use offer near real-time exchange on e.g. card purchases. Billionaire’s banks offer even better rates and closer tracking… so it doesn’t matter if the local currency loses half its value overnight, and prices double - since the US dollar would remain relatively stable, a loaf of bread would still be $1, regardless if it cost 3000 coins in local currency or 6000 the next day.
Plus he can afford to pay 2-3-10x price for stuff. Thiel could spend as much a day as my annual salary every day for a year and still come out richer than he was…
“It’s One Banana, Michael. What Could It Cost, $10?”
I mean, hyper-inflation kinda still matters if all the people around you are subject to it…
He will just have a bulldozer grind the poor into paste before being chauffeured through.
That’s what I don’t understand.
The US proletariat has been fully domesticated, they elected Trump twice and the only mass organised push back are people holding signs on weekends.
I would assume that it would be more comfortable to stay in the US.