LIVING THROUGH A CURRENCY DEVALUATION

A little over a year ago, SD published the 1st hand account of StackerX’s experience surviving the devaluation of the Mexican Peso in the late 1970′s. 

With The Fed now two weeks into it’s official QE∞ policy, and with calls this week by Fed Presidents Evans and Plosser for even further easing-bringing a devaluation/hyperinflation of the dollar one step closer by the day, we thought it apropos to republish StackerX’s account and experiences recognizing, surviving, and even profiting from a fiat currency devaluation.

Those who recall the account may benefit from re-examining the lesson, and for those unfamiliar with the account of the 1976 Mexican Peso devaluation, this is an ABSOLUTE MUST READ as the US is rapidly descending into full-blown Banana Republic status.

 

In 1976 I was managing an American subsidiary of a successful large US Company in Mexico. It had been a financial turnaround for our team. Cash flow had accumulated in our bank in Mexico and corporate didn’t want the money repatriated to the US. Although we had already paid a 35% income tax to the Mexican government, we would have to pay an additional 30% exit tax to repatriate the money. In addition, we would have to pay high fees for the peso/dollar exchange, in order to make the transfer. The company wanted to expand our successful business and so we decided to keep the money in Mexican pesos to be used for further expansion.

One morning, as my wife and I were on a trip driving on the highway, we heard a national message from the President of Mexico, Luis Echevarria, one of the most corrupt presidents in Mexican history. “It is a lie that we are going to devalue the peso,” he said. I stopped at the nearest motel to make a collect call to the US headquarters and I asked my boss, the head of the International Division, to allow me to immediately open a new US dollar account in Mexico. I wanted to convert the pesos into dollars for deposit. My boss, laughing, asked me why I wanted to do that and I responded that the peso was going to devalue. He asked me how I knew this and I told him that the President of Mexico had gone on the radio and announced that rumors of a devaluation of the peso were false, which meant they were true. He continued to laugh but allowed me to open the account.

 I then called my CFO and directed him to go to the bank and get everything ready for me to sign leaving only the necessary funds to continue to operate. We immediately returned to Mexico City in time before the bank closed. Everything was ready for my signature, but the bank manager was rather bewildered and probably thought I might be overreacting.

 One week later the peso was devalued from 12.50 pesos to $1 USD, where it had been for decades, to 26.00 pesos to $1 USD. A few days later it improved to 24.50 pesos to $1 USD. The reason for the devaluation of the peso was simply that it had been pegged to the USD for too long and they rose and fell in unison. Because of better economic conditions in the US, the dollar continued to go up in value and the peso increased in value artificially. Mexican goods were too expensive to trade with other countries and hence the devaluation, which allowed exports to increase. For the first time in decades the peso was allowed to float and since then it has been allowed to freely rise and fall against the dollar. The decision to devalue the peso was made by the president, which made him unpopular, as well as his economic advisers, which included the Secretary of the Treasury and Chief of the Central Bank of Mexico.

Everyone in the country was in shock. People’s net worth had devalued more than 53% overnight. The value in savings accounts dropped in half and neither merchants nor consumers knew how to react because they had never been through anything like it before. Luckily for me, I had also exchanged my money and my salary had been set in US Dollars when I signed my contract with the company to work in Mexico. For me, it was like getting a 100% raise, since for a long while; my house rent remained the same as well as utilities, clothing etc. I remember that on my boss’s next trip, he bought himself a couple of nice suits at a nice discount.

Businesses were unable to immediately raise their prices. They had to raise them slowly, and through many sacrifices. The positive side was that the company had a loan in Mexican pesos for an expensive property and was able pay it off with the new dollars at practically a 50% discount. Before the devaluation, we had been leasing other properties, some of which had expired and had been on a month to month basis. Thankfully, immediately before the devaluation, I renegotiated and signed some of the leases with modest increases for a term of 5 years. After the devaluation occurred, the landlords wanted to renegotiate these leases, but because of the terms, we enjoyed low rents for that period. Later, as we leased new properties, the owners  introduced clauses tying the annual increases to the value of the US dollar, which appreciated every year until the recent fall of the dollar in the exchange rate.

Our attorney in his 50s, of German descent, who spoke English and Spanish with a German accent, didn’t take my advice on the oncoming devaluation. After the devaluation, he was so desperate that he came into my office one day, accompanied by another attorney that worked for him, carrying an old-fashioned suitcase, which he placed on my conference table. He opened the suitcase, which was completely filled with high denomination peso bills. I had never seen that much cash in my life and I was completely surprised. He pleaded with me to accept the money right then and allow him to purchase shares in our company. I told him that this was not the proper procedure, but he asked me to consult with corporate headquarters and insisted I put the money in our safe. As I expected, corporate said no and much to his distress, I returned the money to him.

People were so desperate to exchange their pesos into dollars that the supply of dollars dried up and some, who had them, sold them at a premium in the black market. (editor note: As the US dollar is currently the global reserve currency, this would likely play out in the US by gold and silver becoming immediately unavailable, and selling at massive premiums for the physical metal on the black market)

The situation was so dire that a presidential order was passed banning the banks from allowing customers to open US dollar bank accounts. A few years later, when the peso stabilized, this practice was reversed.

Of course, on my next trip to corporate headquarters, I was received like a conquering Roman hero. My boss kept asking me to tell other executives why I decided that the peso was going to be devalued. My answer was simply that I didn’t trust politicians and had decided that the president was telling a lie in his address to the nation. This, of course, was very funny to them after seeing the results.
Today, Mexico’s financial situation is very much improved and the peso has been appreciating against the USD. Mexico holds more than $120 billion in USD reserves.

As I am writing this, the USD index is at 75.71. Commodities are priced in dollars worldwide and this doesn’t fare well for other countries where there is a growing unrest amongst the population. The world governments blame this on the US government for passing laws allowing the Federal Reserve to print trillions of dollars out of thin air. This money has been used to bail out the banks and to purchase US bonds that countries like China, Japan, Russia, etc. are refusing to continue to purchase. The money received by the federal government is spent in the expanded military wars and countless pork barrel programs. The government is unable to control the budget deficits by cutting expenditures because of poor presidential leadership and irresponsible and politicized congress.

The US has agreed that something needs to be done. One of the most favored proposals at the G-20 meetings is to use a basket of currencies which would includes the USD, backed partly with gold to serve as a new world currency. This proposal would mean a further devaluation of the USD of 50% for the US to be able to participate in the program. It would be interesting how this can be done since the dollar floats freely.

As long as we don’t repay our national debt, cut government spending, increase interest rates or stop the Federal Reserve from printing more dollars out of thin air, dollar’s role of international reserve currency will soon end. China and Russia are already using their currencies to trade with each other, especially in oil purchases, bypassing the purchase of US dollars to make the payments.

Numerous countries are buying gold and silver to replace some of the dollar reserves and hedge the value of their dollar reserves. Mexico recently purchased nearly 100 tons of gold to replace some of their dollar reserves. We still don’t know how much American gold is in Fort Knox as no audits have been completed since the 1950′s. The rumors are that there are no gold reserves remaining. We know that the US mint is purchasing gold and silver blanks from Australia as domestic production is not enough simply to satisfy the demands for US Mint production! Either way, this is bad news for the US dollar and also for any of us living in the US.

My experience with the peso devaluation makes it necessary for me to move my investments away from paper into physical gold and silver. I am doing this more as a defense mechanism to ensure my net worth is not devalued. Economic think tanks are already conducting feasibility studies to predict the ramifications of the devaluation both domestically and internationally.

It is going to be a very tough time for the US and I anticipate the Mexican devaluation will pale in comparison to our dollar devaluation, not only to this country, but worldwide. What is the answer for Americans?
Read the writing on the wall, and extricate yourselves from your US dollar positions.
Physical gold and silver bullion and coins will be the ultimate protection and wealth preservation assets during the coming devaluation of the US dollar.

Comments

  1. You can bet your bottom dollar that the only manner of preservation of capital value in a devaluation is commodities, and the very best commodity with the highest return will be silver, and I don’t mean paper silver, if it’s not in your physical possession, you don’t own it! When the final throws of the collapse are upon us, people will be crying….”God help us”, but that’s why god gave us brains…..to help ourselves! Those of us who are stacking silver and gold are using those god given brains. Many more, 100 fold at least, will be frenzy buying later in the game and that’s when we will see triple digit silver.

  2. This recounting of remarkably adroit maneuvering through the paper ‘money’ paradigm is a truly memorable lesson … unique to the paradigm, however. In our proper admiration, we’re nevertheless drawn away from tactical considerations necessary to be understood within the  alternative metallic paradigm that we’re inexorably (and ever-more rapidly) moving toward.

    In the metallic (rational) regime, this sort of regional arbitrage commonly occurs by naturally developing circumstances that are discernable to careful observation and the more meticulous and detailed the supporting data collection, the better the path chosen from its implications. No more contrarian ‘betting against the honesty of some politician’s monetary policy pronouncements’ will suffice for a ’big pay-off’, because that ‘policy’ will be carved from market direction dictated by billions of consumers, instead. Arbitrage will arise in countless situations and competition to ‘equilibrate’ inefficiencies will spark intense competition for both ehe data feeds and the implied business opportunities.

    Our friend, StackerX’s coup was undeniably perceptive and skillfully executed, so I mean absolutely no slight in saying that it’s genius resembles the use of Phillip of Macedonia’s Phalanx, given the thoroughly ‘new’ reality bearing down on us all. We really have to be re-learning finance and economics of the free market and not dwell too much on delight in what is soon to be thoroughly obsolete.

  3. I too remember the daily currency re-valuation in Brazil in the late 80′s.  Fortunately, I knew
    a Brazilian married lady who was able to provide much needed information months prior to my trip.

    I cannot recall the inflation rate at the time but the local currency moved up/mostly down numerous times during the day.  U.S. dollars were perceived as gold.  Crime was rampant.  Bartering was king.  

    Brand name scotch could easily be sold for 6X its duty free value, racquetballs used by
    the Brazilians on the beach could be bartered for…..use your imagination, easily 10X their
    U.S. value.  

    I fear our time is on the horizon.
     

  4. Whoa!   Big words this early on Sunday. I need some extra coffee to jump start the neurons and get up to task on this commentary Pat.
    Just kidding. I strive to write as well as you.

    Milton Friedman made it abundanty clear that inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money that in output.  Once this evil jini is let loose the government can only chase its tail and hope to contain the destruction. The government is always the entity that both creates the jini and releases it. And it always, always, always fails.
     There are several telling statements Power Ball made that are indicative of this phenomenon. These effects can, in and of themselves, provide us with some warning of the impending   ((in(hyper)flation)).  “Garden variety inflation is the result of an increasing supply of money. Increasing prices are the  result of the inflation in  the currency.  Hyperinflation is a monetary phenomenon caused by the collapse of CONFIDENCE in the currency, causing the velocity of money to go exponential. (Doc’s statement)
    These two types are very different but equally devastation depending on the time it takes for the currency to devalue and the damage wrought during that phase to come to a head.
    Our 40 year experiment with FIAT currency is coming to an end. The damage to our economy and the people is now being seen in its fullness, impossible to disguise. Wage erosion, asset bubbles, job losses overseas, decline in living standards, destruction of the innner city and the poverty of its resident (see Detroit) are all a result of this sea change in our reliance on debt inflation and currency depreciation.  Third world status could be our fate if this continues to its inevitable end.
    Power Ball notes that access to currency is limited these troubled times. Normally these restriction are to prevent bank runs such as we see in Italy, Spain and Greece.  PB makes it clear to me that these limitations are ALSO a blunt force attempt to contain hyperflation, doomed to failure by the wits of the people in the street.  We must be aware of these restrictions and recognize what they imply. Any government that restricts access to currency is a government in serious trouble. By extension so are we.
    People sense this hyperinflation impact on their pocket lettuce.  They vote with their pocketbooks. Entrepreneurship thrives in this adversity as the guttiness of the business class seeks opportunity within the impulse to survive unsettled times. As the more business oriented make hay in these times, the people who follow these enterprises can help themselves to front run the erosion of buying power.  We are not there yet as the spirit of business has not caught fire with the requisite survival instinct. They are more in the hunkering down phase awaiting more insults from the politicians and a government in the early stages of its death throes.
    But the will to survive creates bartering, street vendoring and cash transactions ruling the day.
     I will make one additional statement about stackers, both large and small. Precious metal stacking is a BUSINESS. It both creates and preserves wealth through the necessary risk taking which involves asset accumulation and disposition
    Both Silver Slicker and Thoriphere note that specific brain power will wake up when this mess hits our shores, blown back from the countries least able to afford the inflationary tsunami that is coming our way. Inflation begets violence in other lands. Here it creates despondency.
      We stackers will lead the way because we’ve studied these crises exhaustively and now take firm action in the best forms of entrepreneuship to prevent the worst of the damage embedded in ((in(hyper)flation)) Fear of the known and unknown is a powerful motivator. We all have that now after our year long education here on Silver Doctors.
    Pat, you hit the nail on the head with the comment of ‘honesty of politicians’ to do right by the people.  If I understand the fullness of your comment, the individuals who has cast their lots with the tender mercies of the political class must either break  free or perish. Those who’ve wakened to the dangers will have many opportunities to avoid the worst and possible take a certain amount of prosperity for themselves and others from the impending currency collapse
    There are two things that will happen with certainty. 
    1.  Our currency, like all paper currencies prior to it, will collapse. 

    2. Our government will use every means at its disposal to force the continuation of this paradigm to the bitter end
    Thanks to Doc and Stacker X for getting this information to us.
    The smell of hurricane weather is upon us.

    • AGXIIK, you know, the curious thing about Friedman is that despite all his ‘conservative’ rhetoric, he HAD to know damned well that the banknote scheme is self-inflationary and its interest burden proceeds to overtake productive capacity on an increasingly rapid clip. If his pronouncements were sincere, he would have fought to dissolve the Fed and ‘harden’ banknotes while they had only depreciated 60% at that point. He may well have succeeded where Kennedy later failed. He didn’t … and he wouldn’t … because the truth is that he was a poseur, pandering to the captivating logic of Mises, Hayek, Hazlett, Rothbard and Rand, whose superior economic logic was gaining powerful cache in society at that time.

      I chafe at these expectations of violence and criminality. Human action is responsive to circumstances bearing on people’s lives. The impending ‘lack of money’ with which to carry on a fair semblance of our accustomed living standards is an illusion. It’s every bit as much a chimera as banknote ‘money’ iitself … a psychological trick of perception by numbers! In real-life, physical terms, we have as much (or more!) actual money as we had in 1912! Consider that American banknotes have depreciated 97% since inception. In physical FORM, then, each unit is equivalent to three 1912 ’cents’, or 10 grams of copper. In fact, ‘prices’ haven’t changed much and the proof is under our noses at the store! What was 5 cents cents in my childhood (I’m thinking of candy bars) is now priced at 1 1/4 banknotes! In REAL terms, the REAL price is unchanged! Then too, take a 2000 banknote used car. Multiply by 0.03 and the car’s price is 6000 cents … THE SAME AS WHEN I WAS A BOY!

      The point I’m making is that the ’damage’ to our lives is in having to suffer the despicable rent-seeking interest burden on the banknotes, when to merely switch back to Honest Money would evaporate all these imaginary ills in a single fell swoop! If the thought of converting banknotes to copper pieces seems implausible … consider that ‘dollar’ coins from the Mint have a melt value of … SEVEN CENTS! All’s needed to do it, is to do it. There’s PLENTY copper to accomplish the task in a couple months or less, and in the mean time, free market forces will almost instantaneously ascertain a proper copper-silver ratio, with silver-gold following close on its heels.

      Catastrophic mahem would be completely averted because the alternative would narrow down the ‘discomfort period’ to a tolerable span. Absent desperation, desperate reaction becomes superfluous and un-necessary. Wages, prices, accounts and the entire financial superstructure would remain numerically identical. We’d simply revert back to the 1912 in terms of monetary  status quo. No one would be any ‘richer’ or ‘poorer’ (except in the incalculable lesson learned) and the effect would be to completely erase the entire episode as though it never happened. The banknote is REALLY … three ‘cents’! Calculate on THAT basis and all the frightening ‘monsters’ disappear in a puff of smoke.

             

  5. I accidently nixed my previous post but here’s the rundown:
    I was in Brazil some during the 1990′s when they had 100% to 250% inflation every year in an attempt to hyperinflate their way out of debt.  So they didn’t have a bunch of bank holidays or anything like that. 
     
    What I noted was the following:

    Major market for U.S. Dollars and the British Pound.  Anyone would take them and it was a gray or black market.
    When you were paid you immediately spent the paycheck.  Banks paid an interest rate but it wasn’t enough to keep up with the real inflation.
    They put heavy tariffs on any imports to protect their economy.  So while you could buy a pair of tennis shoes in the U.S. for $75, that same pair in Brazil could be upwards of $200 or $250.  These tariffs applied to everything from cars, tires, auto parts, blue jeans, computers, toys, cameras, liquor, shoes, backpacks, vacuum cleaners, TV’s, washer and dryers, refrigerators, etc.  If it wasn’t made in Brazil it was very expensive.   
    This hyperinflation created a lot of unemployment.  This created a situation where kids were literally dumped on the street as young as the age of 5 and joined gangs.  This is what created the major gang problems in Brazil which continue to this day.
    Crime increased significantly including kidnappings for ransom.
    Local food was still affordable but was expensive.
    Simple things like gas prices were expensive.  Plus they used a lot of locally produced alcohol in the gas and it was sometimes difficult to get the car started or they would stall.
    The only thing that didn’t seem to get cut was the military.  So while they had homeless kids everywhere the military kept on spending.  The population complained about this to no avail. 

    • “The only thing that didn’t seem to get cut was the military.”

      Of course not!  Any politician is WELL aware that in a popular uprising, it is only the army that stands between them and the gallows.  Being the gutless wonders they are, they want their bodyguards.
       

  6. “The positive side was that the company had a loan in Mexican pesos for an expensive property and was able pay it off with the new dollars at practically a 50% discount.” – This is exactly what another recent Silver Doctors article was talking about: During Hyperinflation Your Assets Can Become Liabilities – Do You Have an Escape Plan?.  If you haven’t read the post, watched the video and read the comments, you definitely should.  @Ed_B and @agxiik both make some excellent points in the comments about why it is best to have loans going into a hyperinflation period, but to not increase you debt during that time.

  7. What’s happened to sgtreport.com?  Noticed it hasn’t been updated in a week now?

  8. fonestar  I went to SGT and it’s running nicely
    A while back, Pat, you gave me a Readers Digest explanation of the interest burden imposed on bank notes.  This redoubled my efforts to divest myself of actual cash though I keep a large stack of hundreds in the safe in case we have a bank holiday.  Recently I bought several hundreds of pounds of pennies and nickels, partly due to the fact that nickels are par relative to their metal value. With pennies one can while away the hours looking for some wheat backs and rarer varieties. The zinc copper value is moot for now.  However, if we hit some sort of hyperinflationary period, who knows what a penny might buy. 
    I remember well you’d be challenged to spend  25 cents on any childhood pleasures. Mine were red vines, Orange  crush and caps for my little six shooter.  Stocked with those 3 items I could ward off anything that came my way.  Things haven’t changed much in 55 years, except that ammo is ridiculously expensive, scotch is dear and chocolate replaced licorice.

  9. Don’t short yourself dollars, you will need some as the collapse starts.

  10. @Doc I think you mixed up my name with LoneRangerSilver. I was a little puzzled at first and thought perhaps someone else is also called StackerX or perhaps I had a secret multiple personality :)
    I’m Not Mexican. I’m Puerto Rican ;)
    I do agree that we should all prepare for the coming currency devaluation possibly in 2013. Buy food and water first. Then Gold/Silver. Then Guns/Ammo!

    • I agree, Doc.  Please check the attribution for this superb article so that the credit goes where it is richly deserved.  Thanks!  :-)
       

    • StackerX- you have the same name as LoneRangerSilver, so I assumed (apparently incorrectly) that you had simply changed your handle with the new SD site.
      The author’s original handle was LoneRangerSilver.

      -Doc

  11. This is a fascinating article.  It’s basically a window through which we can view some very challenging times without having to live through them.  Superbly done, StackerX!  I agree 100% that politicians cannot be trusted, particularly where money is involved.

    One thought that kept coming to me while reading this article was that the US had also done a significant dollar devaluation.  Back in 1933, Roosevelt “called in the gold”… read stole… and forced US citizens to surrender their personal property (gold coins & certificates).  There was a plan in all this and the plan was a serious dollar devaluation.  The government paid people the then going rate of $20.67 per ounce of gold, using official US paper currency.  Once this gold was all collected, the government then revalued gold to $35 an ounce.  The net effect was a 69.3% devaluation of the US dollar, as it then took $35 worth of paper to now buy what $20.67 worth of paper once had.  Those Americans brave enough to keep their gold in spite of the threat of a $10,000 fine, 10 years in prison, or both were treated to maintaining their purchasing power rather than enduring an almost 70% loss.  Of course, they had to be very careful in how they spent their gold in order to avoid government persecution… er, prosecution.  One can only imagine the envy that those who either had no gold or had turned theirs in for cheap would have felt towards those who did not kneel before Imperial Edict.

    A fascinating part of EO 6102 was that it was announced in the press a month before it was due to take effect.  This allowed people who had a lot of gold to ship it out of the US for deposit in Canadian and European banks, rather than surrender it.  This seems a clear violation of the equal protection clause of the US Constitution, as people of lesser means were not able to protect their wealth in this manner.  Thanks to this corruption, wealthy people legally kept their gold and those of lesser means quite often did not.  Thanks, FDR.  My 84 year old Mom idolizes this guy but I hope that he is roasting on a spit somewhere in the lower regions of the Nether World.

    In the years that have passed since 1933, I am stunned that no liberty supporting organization has taken the issue of forced confiscation of private property to court to challenge whether or not Roosevelt’s infamous 1933 Executive Order 6102 was in fact constitutional.  It is my belief that it was not but then I am not an attorney.  I am a citizen of this nation, however, and it is my sincere belief that personal property is just that… PERSONAL… and not subject to the whims of any government edict or bureaucrat.

    Another issue of this type involved the formation of the Federal Reserve System.  My reading of the US Constitution does not indicate to me that either the US Congress or the US President have the authority to create this monstrosity or to pass on the US Treasury’s authority to “coin money” to a privately owned banking cartel.  But then, I am just a simple citizen who undoubtedly does not appreciate the fine points of the law that allow these wondrous things to happen in my name.  :-(

    • EdB, for some 30 years now, I’ve been completely captivated by the question of how government routinely ‘violates’ the Constitution with judicial impunity. The best solution to the quandary I’ve discovered is that all governance and business is conducted under private federal jurisdiction. If we carefully study Art. IV, Sec. 3, cl. 2, it provides that within the parameters of such jurisdiction, none of the constitutional limitations apply (and that includes its amendatory ‘Bill of Rights’). The question for individuals THEN becomes, what traverses trigger interpretation of one’s activity under it, that judges are obligated to consider in theor rulings.
       
      “The Congress shall have Power to dispose of and make all needful Rules and Regulations respecting the Territory or other Property belonging to the United States; and nothing in this Constitution shall be so construed as to Prejudice any Claims of the United States, or of any particular State.” – Art. IV, Sec. 3, cl. 2
       
      “The idea prevails with some — indeed, it found expression in arguments at the bar — that we have in this country substantially or practically two national governments; one, to be maintained under the Constitution, with all its restrictions; the other to be maintained by Congress outside and independently of that instrument, by exercising such powers as other nations of the earth are accustomed to exercise.” –[Downes v. Bidwell, 182 U.S. 244 (1901)
       

        

        

  12. Ok. You say gold/silver are the ultimate protection during the coming times of devaluation. This makes total sense. But my concern is the people who have control over all the markets, politicians, etc etc. It seems they can do whatever they want, so how do we know they won’t pull something out of their little black hat and mess it all up for the little guy? I got 75 silvers. Not much compared to most of you. It seems like all of this is gambling. I wish someone could reassure me….I know that isn’t possible.

  13. Do not believe in the mindset that politicians or bankers, or those few who control them are ‘all-powerful’–they are not.  The power that they have is because the people willingly give it to them (because they don’t know any better).  And if they willingly give it to them, they can take it away.  The power always resides in the personal choices that each individual as a human being makes.  People often think, one person cannot make a difference, but notice what has been said before about this matter:
     
    “One man [or woman] with courage makes a majority.” –Andrew Jackson, American 7th US President.

  14. I had a few cash in US dollar which was worth 166$ and I was still hoping to keep them even though it lost a lot of his purchasing power. When I saw that the US dollar is worth less than the Canadian dollar, I’ve decided to use them to buy silver. At that time, my local coin shops would still accept this currency directly without exchanging it into Canadian dollar. Today, they don’t accept it anymore and want me to exchange it into Canadian dollar first but luckily, I don’t have any USD anymore.
    The last thing that I was able to see on these US dollar bills was the portrait of George Washington, Andrew Jackson, Abraham and Benjamin Franklin that remind me about their dreams of a great America with full of prosperity and happy citizens that has 100% liberty! American founding fathers were the ones who’s ideas made the most sense and they are ignored today. I’m pretty sure that they would be proud that there are still some Americans left that are against the banks and do actions that are constitutional.
    Sadly, these type of Americans are disappearing because the younger generations are being brainwashed. If you have a kid, please teach him about the importance of all this because these information are slowly degrading generations by generations. Trust me, you won’t find that easily a kid that buys gold and silver. :’(

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