When measured in the price of gold, the dollar and U.S. financial assets have already crashed. For example, relative to gold, as of Friday's close, since their last relative highs in June-July 2005,
the U.S. dollar index has declined 39%, the 10-year Treasury bond 43%, and the
S&P 500 31%. These declines have become free-fall in the last month or so.
http://www.safehaven.com/showarticle.cfm?id=5089&pv=1
Depends on your definition of rich. Before Turkey revalued their currency it would cost a couple million Lira to eat breakfast.
Real heart stopper was to pop into a mini mart for some supplies and the bill was 21M Lira and their highest demoniated bill, at the time, was 100,000 Lira. You all most needed to wheelbarrow your money around to pay for stuff.
It got so bad they came out with 1M and 5M Lira notes. Then later on it got really bad and they issued 10M and 20M notes.
I was unable to visit the country when they issued 10M and 20M notes. That would of been fun to bargain with those high numbers. Very hard to grasp a hotel room costing 350,000,000 a night, I would bet. Just thought it would of been cool to have done some credit card transactions so I could have the statement.
