Earlier this evening, I received an email from a man who lived through the great Yugoslavian inflation (1993-1994).
He said, of course, that once he got paid, he spent the money immediately, as in a week the value of the currency would be half. “It was a lot of paper,” he said.
He said you quickly learned to buy things with credit cards. If you bought some furniture, you put it on the credit card and by the time it came time to pay the credit card bill, what it cost you for the furniture was now what it cost to buy a pack of cigarettes, because of the quick devaluation of the currency. Since wages climb up roughly as fast as other prices, to pay off the credit debt becomes a minor cost.
He said you learn to drag out and not pay your utility bills, like the telephone and electric bills, until the last minute as the currency would have depreciated so fast that the bills become inconsequential expenses.
He said everyone lived poorly except for those who had foreign currency or gold. He said if you had access to even only ten German marks per month or gold and silver coins you could live like a king because everyone valued anything that offered price stability.
The man lives in the U.S. now and he says he never wants to live through that again. He says he now divides his savings into three parts. He puts a third into the dollar, a third into the euro and a third into gold and silver.
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