Imagine growing up your formative years, middle to upper-middle class, in a society that appears to have figured it out.
Only then, over a matter of months, have the rug of reality pulled out from underneath your culture. And watch as wealth transfers from the many to the inside knowing few, and worse, you are all left with a society whose trust and confidence in one another has been effectively broken.
That is essentially what today’s first-time guest had happened to him in his native nation of Argentina. A nation which by appearances was prospering in the 1990s. But it was artificial prosperity from a dual fiat currency peg that could not last.
By late 2001, the country was suffering from bank runs, account freezings, forced conversion of fiat US dollar accounts at a 1 to 1 parity into Argentine Pesos, and then overnight devaluation leading to losses of over 2/3rds of many people’s life savings. The beat sadly continues on into Argentina 2020s, as their fiat currency is now worth only about 60 pesos to the fiat US dollar now. Here the effects this has had on those living through it.