Worth the read…

Eaton Rapids Joe brings up some interesting points in THIS post!

While it’s a tangential tie in to the whole E15 thing HERE, he makes a great point about the ‘duality’ of economies in Italy (and the same holds true for Spain, France and Greece that I’m aware of…

In Spain, the conversion to the Euro brought out literally billions of Pesetas from the ‘underground’ economy that were changed by banks, and then disappeared immediately back into hiding…

One I remember was in Jerez, a little old lady turned in something like 3 MILLION Pesetas for exchange which was something like $26,000 US, while her actual bank account had something like $150 in it…

When they tried to find her to make her pay taxes, she had disappeared…  OBTW, she sold vegetables in the local farmers market…

Comments

Worth the read… — 7 Comments

  1. Interesting points. In the car biz, from time to time a customer would make a large downpayment that was not validated by their pay stubs. Often they were immigrants.

  2. There are all kinds of wealth out there, some of which is represented by hidden currency. People will find a way.

  3. There was a reason FDR outlawed the private possession of gold.
    I firmly believe Teh 0ne will, by Executive Order, outlaw it again. Along with silver.
    I hate “Interesting Times.”

  4. I only ditched my Pesetas last year. I think I held on to them for nearly 30 years.