UPDATE: March 08, 2009 11:28 PM
As some people have pointed out below, this video below has some credibility issues. I am leaving it in this entry for now because I liked the Zimbabwe dollars segment at the beginning. Also, the story struck me as believable because it meshed with what I know of the Bear Stearns bailout and the Weimar hyperinflation:
- Geithner was the fed official who played the most active role in the Bear Stearns bailout. It is fact that he pulled all nighters to try to resolve the situation. See Geithner Explains the Bear Stearns Rescue
- Albania was devastated by earthquakes in 1967 and 1969.
- In Weimar Germany, some debt was revalued, as described in the in the video.
My reaction: Scary video.
About the revaluing of debt mentioned in the video: I don't worry too much about this. I will write an entry explaining why both debt revaluation and gold confiscation are unlikely later tonight.
Also, my opinion that there will be no gold confiscation only applies to physically owned gold and the few safe equivalents (ie: Allocated in gold held in Switzerland). If you own paper gold, you will likely end up with worthless paper dollars.
Another observation: This is what a well produced YouTube video looks like. It puts the production quality of my videos to shame. I have done some research, and future videos will be of better quality.