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‘The next recession starts here’: Trump team weighs abolishing bank regulators
(www.commondreams.org)
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this post was submitted on 13 Dec 2024
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politics
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In my home country (we all know the economy is gonna keep getting worse so we bet against it by default) we buy foreign currency (including ironically USD), gold, electronics or other tangible assets that hold their value.
Those hold value?
At least in my country sort of (besides new models of course), because they're all imported. It might be different in the US.
What country is that? As far as I know, anything electronic here in the U.S. tends to drop like a rock in value pretty much right at purchase time (just like cars - driving it off the lot usually results in a huge depreciation). With maybe a few exceptions, like when people are snapping up a bunch of some new item that is in short supply and reselling it for more than MSRP.
Egypt. Electronics here are tarriffed to high hell if that matters.
Edit: Okay I should probably explain a bit more. In Egypt, because we import a lot of things (you can thank government mismanagement for this), the price of the Egyptian pound against foreign currency in general and the USD specifically controls the price of a lot of goods directly and literally everything indirectly. Therefore it's usually a good idea to solidify your money in an asset whose price will rise with the USD. Usually you wanna buy USD, but that becomes less available day by day so some people bet on goods whose price will rise with the USD, like electronics (we have no domestic electronics makers) and gold. Rising foreign currency prices (well really falling EGP prices) are the driving force of inflation here so the fact that the USD itself will fall in value because of inflation doesn't have much effect on the final calculation.