Comment: No, but I know people who did, and there was terrible poverty

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No, but I know people who did, and there was terrible poverty

In reply to the question below, "Have you ever lived through a total bond collapse?" "No." But I live with someone who did. In Russia in 1998, several banks including the Central Bank, collapsed overnight, taking the state's bonds with it. And it was a time of terrible poverty for all.

Inflation peaked at several hundreds of thousands rubles per dollar. Two days were given to change money. Most average people didn't hear about it.

My wife was aboard a train at the time. When she got off, she and her mother raced to banks to change money, but it was too late for them, and for millions of others. Stores shut down. Banks were shuttered. Credit was destroyed.

Interestingly, the author of this nightmare just committed suicide last week. Boris Berezovsky used the 1998 bond crash to reap the biggest portion of his criminal empire, snapping up worthless oil stocks from the totally bankrupt state.

He deliberately steered this disaster, which led to many hundreds of thousands of deaths due to depression, misery, and poverty. Boris' reason for killing himself? He couldn't bear to live "poor".

He was down to his last $300,000,000.

"Cowards & idiots can come along for the ride but they gotta sit in the back seat!"