FerFAL’s been through a currency crisis & economic collapse, and he joins Metals & Markets this week for a robust discussion on how to survive them…
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 gotten effectively broken.
That is essentially what today’s first-time guest had happened to him in his native nation of Argentina. For the last almost two decades, we have seen the Argentine peso go from 1 to 1 parity with the then much stronger fiat US dollar to this past week hitting a 60 to 1 exchange rate with a fiat US dollar likely worth half what it was worth in the year 2000.
Argentina is a resource-rich 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.
Oh, you want some of your cash now?
Well if there’s any in the ATM, you can only withdraw so many pesos per day. Good luck getting through the daily crowd of protestors banging pots and pans outside on the bank’s walls, bulletproof windows, and X-ray doors.
That sheet metal that surrounds the bank, oh that’s to ward off more graffiti or further structural damage to the bank building’s exterior.
This week we speak with a man who lived through that experience, has since immigrated away from the devaluating situation, and is a three-time published author. He helps readers and his youtube channel viewers, to better understand common sense ways for safely surviving through a severe financial crisis, even while living in a major metropolitan area.
But before we get to this week’s silver-gold podcast interview.
Let’s get an update of this week’s precious metals market closings.
Both silver and gold held well again in fiat US dollar value this week.
The spot gold price is closing this week just shy of $1,515 fiat Fed Notes per derivative troy ounce.
The spot silver price, closing right around $17.16 per derivative troy ounce in fiat USD.
The gold-silver ratio still at 88, again near high levels that ratio has not seen since the early 1990s.
In a week in a which former Federal Reserve Chairman Alan Greenspan made the public case for negative interest rates in the USA.
We now visit with a gentleman who has authored three books about how to prepare for turbulent times to come.
Gold Silver Podcast | Currency Crisis Past and Present
Fernando “Ferfal” Aguirre’s Newest Book:
Street Survival Skills: Tips, Tricks and Tactics for Modern Survival
Fernando “Ferfal” Aguirre’s Older 2009 Book and Great Book Cover Design:
The Modern Survival Manual: Surviving the Economic Collapse
Fernando’s youtube channel.
Modern Survivalist’s Youtube Channel
Thanks for tuning in this week’s gold-silver podcast here at SD Bullion.
About the Author/Interviewer
James Anderson has a BA in finance from Loyola University New Orleans. He has both worked and invested in the physical investment grade bullion markets prior to the 2008 global financial crisis.