Why you can't keep money in one currency.
In 2018, inflation in Venezuela reached 1,700,000%. The average salary in bolivars could only buy one egg, and prices doubled every 25 days. Your savings disappeared daily. In 2015, the …
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- A Documentary short rated 9.4 — easy to watch in 0m.
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In 2018, inflation in Venezuela reached 1,700,000%. The average salary in bolivars could only buy one egg, and prices doubled every 25 days. Your savings disappeared daily.
In 2015, the Swiss franc appreciated sharply against the euro by 30% when the Swiss National Bank abandoned the peg. Your euro savings would have lost a significant amount of value.
After the 2016 Brexit referendum, the British pound sterling fell from $1.48 to $1.22 against the dollar in a matter of hours. Those who held all their savings in pounds lost almost 18% of their savings.
For example, Greece's debt crisis in 2010 nearly forced it out of the eurozone, weakening the euro and forcing investors to seek refuge in the dollar or gold.
Diversifying into currencies like the Japanese yen, the stable Swiss franc, or gold helps protect capital. Warren Buffett doesn't hold all his assets in the dollar.
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On a palm Studio
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