Max Yemets was just a child when hyper-inflation came to the Ukraine, but he has many memories of that time. Max remembers people living on fixed incomes and having their entire worth wiped out. 10,000% inflation has a way of making people question their government. While they were extremely hard times, that seemingly happened overnight, people banded together and got through it with remarkable grace.

Naturally, there was civil unrest as well as a major increase in crime. People in the former Soviet Union didn't have a right to bear arms, and the State liked it that way. But most people in the Ukraine knew how to live off the land, and for 3-4 years that's exactly what they did. Finally, the currency was pegged to the US Dollar, and the cycle ended once and for all. Unfortunately, we don't have another currency to substitute for our dollar. So if the currency follows the normal lifecycle of all fiat currencies, we will have to pin our hopes on gold and silver. 

Max's site www.HowToBePoor.com is must reading.

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Direct download: Max_Yemet_03-27-2012.mp3
Category:general -- posted at: 7:48 PM
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