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RE: Crypto: Hope for Venezuela?
Without being a financial expert, it seems that people take out loans with the idea that inflation will make the loan cheaper and cheaper with time. I know that in the US, yearly inflation is built into the system and many work on that principal - borrowing money since it is cheaper in the long run. Unless the government puts measures in place to not allow loans to be paid off, people should be able to get debt free - even though they might be starving at the same time since food is super expensive.
My parents went through an inflation and basically, those that had property did okay after when everyone got the same amount of money to start out anew.
And farmers did okay because they had food.
Thank you for your amazing answer @mariannewest
You mind sharing with me when did they go through inflation? And in which country? Just curious.
Yours
Piotr
My parents were born right around the time of the first inflation in Germany and then, went through another one after the War and a complete change in currency. Everyone started out with the same amount of cash - ergo, the ones with property were way ahead of the game...
Hi @mariannewest
Thank you again for your reply. This is quite fascinating to me to learn about history I've never heard of.
Yours
Piotr
You are welcome 😀
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@crypto.piotr Germany did and Holland did and I assume more European countries after the 2nd World War (so 1945). That is really not that long ago and look where these countries are standing now. They are seen as the richest countries in Europe, they carry the EU ballast on their shoulders. Holland is at place 4 of the most crowded countries in the world. Everybody seems to think it is the paradise, no need to work, you get everything for free.
To rebuild a country you need people, strong people, people willing to rebuild it, helping each other out. The crooks who did come out of the war rich, suddenly had nothing. Had to start at zero too.
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Thank you for your reply. I didn't know that Holland went throught hyperinflation. I'm wondering if europe would sort of their economical problems without help from US.