March 26, 2013 | By Tekoa Da Silva
Bull Market Thinking
I had the chance yesterday to speak with Fernando Aguirre, author of a book entitled, “Surviving The Economic Collapse“, based on his first-hand experience of the 2001 economic collapse in Argentina. It was a powerful interview as Fernando and his family lived through one of the more extreme financial crises of Argentina’s modern history.
Part of what he experienced was a full banking-system shutdown cycle, a dramatic currency write-down, and the witnessing of human desperation that always follows. All of which he explained, is happening again in Cyprus, which may be, “the guinea-pig experiment” for the rest of the European Union.
When asked just how desperate people can become during these crises, Fernando commented that, “When we look at these things it just seems to be numbers; unemployment, inflation, etc. But on the street level when it’s happening…middle class people become poor, and those who were already struggling end up in pretty desperate situations. You see things like looting, you see things like…the slaughtering of cattle, that happened more than once [in Argentina]. Sometimes they [stole] the cattle on the highways…and people just desperately slaughtered the animals [for meat] right there.”
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