With stock exchanges tumbling like dominos the world over all of us have lost not just a pile of our hard earned savings but a lot of our trust as well.Â We as citizens of the world normally believe that
a) The financial system has backup plans and checks built inside to aide the economy and stop a coomplete meltdown
b) There is a bottom
c) It cannot happen to me
All three of the above have been literally blown to smithreens in the last month or so in Pakistan. First the stock exchange went leading to a massive flight of capital, then it did not stop falling in fact it did not stop at all until an artificial freeze had to be put in place to save almost half the brokers of our KSE from completely defaulting and then the coup de grace our rumor mill went into overdrive.
Consider this I just returned from a 6 day trip to Dubai and in the first day I have heard that 10 banks are going belly up including huge foreign banks in this list of names. That the government is thinking about whether to seize foreign currency accounts or seal and freeze lockers or stop honoring government issued bonds or some other hair brained cockamamie conspiracy that people are dreaming up while counting the pile of gold coins they just converted their life’s worth too because “they just cannot trust anyone anymore” Well HELLOOOOOOO here is a clue doofus, if you keep your entire lives worth in your house or garden or wherever you have it hoarded, in the most insecure country in the world you are basically lying naked and ready for ravishment in a sailors bar.
I wonder what makes sane minded clear headed people scream PANIC PANIC and run to their bank to stand in a queue of their fellow looneys who are withdrawing every penny like its gonna be really worth something in the local currency when the country defaults hahahaha!!!
Some are even advisingÂ against sending texts to each other as the “Government” is monitoring all infoÂ to see who makes the most fun out of Zardari so they can pick them up in the middle of the night. I want to know why we need to make fun of him at all? Is he not doing that job pretty darn well all by his lonesome?
Oh and here is a thought while you are busy digging a hole in your floor to hide your jewelry in, when the time comes…all you will need is a flight out of here to save your life. Nothing else will work. So if the mood strikes you I suggest a queue outside the main terminal, i hear planes landing make for peacefull sleep. Also keep a sack handy for your goblin gold as they will readily change that at the disembarkation lounge in london or dubai into the local currency for ya, while you are at it you might want to book a vault in gringotts as well I hear they never go belly up!!!