Re:Why Japan Is Doomed
by ajuc on Thursday August 05, 2010 @10:38AM
(#1578157)
In Poland before the communism fall there were big inflation - it made all savings worth nothing in a course of a few months (people were saving for kids flats for 10 years, then these savings on bank account were worth 10 times less after a few months - many people still didn't get that money from "flat savings acounts" (ksiazeczka mieszkaniowa) - that money nowadays is less than a few days of work.
But some people had luck - I know family, that bought one family home for credit in 1986, credit was for 30 years. Then, after a few years father went abroad to work a few months for $ (on the farm), then paid the whole credit back for these $.
Of course country had to default eventually, but many people paid their credits that otherways would be paying to this day. So that's one way of profiting from hyperinflation.
All in all it wasn't so bad, people just were using $ or Deutche Marks (it was illegal to own them then, but it was legal to change your $ to polish currency, only change rate was were unjust). So many Polish businessmans started as people illegaly trading $ to zlotys. Crazy times that were, millions laying in the streets.
But some people had luck - I know family, that bought one family home for credit in 1986, credit was for 30 years. Then, after a few years father went abroad to work a few months for $ (on the farm), then paid the whole credit back for these $.
Of course country had to default eventually, but many people paid their credits that otherways would be paying to this day. So that's one way of profiting from hyperinflation.
All in all it wasn't so bad, people just were using $ or Deutche Marks (it was illegal to own them then, but it was legal to change your $ to polish currency, only change rate was were unjust). So many Polish businessmans started as people illegaly trading $ to zlotys. Crazy times that were, millions laying in the streets.