Interview with CapitalCosm
This interview with Danny of was recorded earlier this week
Please excuse my coughing — I had a light cold! but I think listeners might find this video worth watching.
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Please excuse my coughing — I had a light cold! but I think listeners might find this video worth watching.
No posts
I'd like to think Chinese citizens could stack gold under the supervision of a benign government that would never stiff them.
In Shanghai in 1949, as the Nationalists retreated, this behaviour was actually encouraged. People lined up to take gold home from their banks before the communists arrived. There are old photos. Even, I was told, for a few days after. Because of possible inflation.
The communists then collected their addresses from the nice bank staff after a few more days and suddenly fanned out around town in trucks, apprehended them and their families in one fell swoop, tortured and shot them one by one until all their gold was back in a different account in the bank, plus any earlier hoards the same people had hidden over decades or longer from before. They and their families' bodies lay in the streets outside their ransacked homes - and the communist party had successfully collected all the gold in Shanghai and stabilized the new currency.
But maybe 5gms each, over 1 billion citizens is really quite a different situation than 1949. It does depend a bit on the details doesn't it.
Thank you Alasdair.