To the editor:
Some say it can’t happen here, but I’m beginning to wonder. I was in Russia in August 1998 when their central bank defaulted on its debt. It was not pretty, and I recall long lines of Russians trying to get into the banks to withdraw their savings. They wanted to exchange their quickly depreciating rubles before they became worthless.
Like today, politics were involved, but mostly it was plain thievery (there is a difference!). Those with privileged access were able to preserve their wealth, while the majority lost most of their savings. Don’t want to spark a run on the banks, but if your faith in our political leadership is wavering, you might want to shift your assets.