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Scenario: It Couldn't Happen Here: "Food Riots Break Out In NYC, LA, Chicago, Frisco

It Couldn't Happen Here: "Food Riots Break Out In NYC, LA, Chicago, San Francisco
stevequayle.com
February 27, 1997
Moneychangers

http://www.stevequayle.com/News.aler...inflation.html

"Food riots break out in New York, Los Angeles, Chicago, San Francisco, St. Louis, & New Orleans. In Cleveland & Chicago, enraged mobs of housewives kill three Kroger store managers before police riot squads & SWAT teams can clear the buildings. In other cities, dazed shoppers are glad to find bread at $75 a loaf, but few can afford hamburger at $119.50 a pound."

"Traders briefly panic when shots are fired in the gold pit at the commodity exchange in Chicago, but calm quickly when they realise the shots come from the few remaining short sellers committing suicide."

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It Couldn't Happen Here

This article appeared first in the 2/97 Moneychanger, & has since been reprinted numerous times in places as far away as Australia. I am posting it because of the economic crises in Asia and Russia. On one day in January, 1998 the Indonesian currency dropped twenty-five percent (25%), & the Korean won dropped about 30% the week before. In Indonesia shoppers surged to buy anything they could of value, stripping stores of appliances & even cooking oil. Rioters have several times violently persecuted ethnic Chinese there. In short, Asian investors have seen a decade of saving evaporate in a few months. In Russia, the last two weeks of August and first week of September 1998 took more than 66% off the ruble's value. This is the second time in five years Russians have suffered the theft of all their wealth by a collapsing ruble. Still Americans smugly believe, "It couldn't happen here." They maintain that in the teeth of a stock market that has already given a Dow Theory signal of a primary trend change, and has dropped 18.2% in the not-quite two months since its July high. Don't kid yourself:it is already happening here. How do you think those Asian investors fared who bought gold? Sure, the price of gold has dropped this year, but nothing likethe ringit or won or rupiah. In their own currencies gold has appreciated mightily. Take warning from their suffering; sell you stocks & real estate, & buy some gold. Not tomorrow, but right now - before it happens here. In April, 1993 the Russian Rouble collapsed, losing 99.9% of its value in one week. Prices rose 1,250%. It couldn't happen here? Maybe not, but if it did, here's how it might unfold.

FRIDAY

Across America it seems like an ordinary Friday. The Dow trades nervously in a 200 point range, weaker at the day's end on reports the Japanese Finance Ministry is complaining about the high dollar & being forced to digest too many US government securities. Still, the Dow closes up 8.90 points at 6,825.35. Gold jumps strongly to finish the day in New York at $380, silver at $5.25. Experts on Wall Street Week that evening are reassuring, certain that the Japanese complaints are only one more in a series of inconsequential negotiations in US-Japanese financial relations. On the way home, millions of Americans stop by the gas station & tank up at $1.38 a gallon. At the grocery store, they buy bread for $1.25, & pick up a pound of hamburger for $1.99................

http://www.stevequayle.com/News.aler...inflation.html