Tuesday, August 21, 2007

Are they willing to claim their liberty?

Confiscatory Deflation: The Case of Argentina - Mises Institute
Depositors who held dollar accounts not exceeding $5,000 would be able to withdraw their cash in twelve monthly installments starting one year from now, while those maintaining larger deposits would not be able to begin cashing out until September 2003, and then only in installments spread over two years. Peso deposits, which had already lost one-third of their dollar value since the first freeze had been mandated and faced possible further devaluation, would be treated more liberally. They would be paid out to their owners starting in two months, but this repayment would also proceed in installments. In the meantime, as one observer put it, "bank transactions as simple as cashing a paycheck or paying a credit card bill remained out of reach of ordinary Argentines."[3]

I wonder what effect this has had on Argentinian understanding of liberty?

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1 comment:

Atarip said...

They confirmed (once and for all?) that liberty is not found in any system, be it financial or political.