Folly of Purchase of dollars for storage!

A recent studies revealed that over 50% of daily Dollar purchases in the last nine months were for “preservation” of their individual wealth and not for bringing in any goods or services and since the government announced recession; close to 70% of daily purchase is for “preservation of individual wealth” However, this crazy and fruitless attempt to secure private fortunes has  been one of the major factors driving prices of local and foreign goods to the galaxies and it is believed that it is still the down of disaster on the way! Beware of folly of speculative capitalism!

I will quote verbatim from, “The Rise and fall of The Third Reich” by William Shirer, page 61: to indicate where we might be heading: ‘The fall of the Mark following French occupation of the Ruhr. The Mark as we have seen began to slide in 1921, when it dropped to 75  to USD1, the next year , it fell to 400 to one Dollar and by down of January 1927 to 7000!’ If you read the page further down you would find out that by mid-January same year, it was 18,000! By July it slid to 160,000 to one Dollar. By August 1 it slid to all time low of 1,000,000 Mark to a Dollar! By November 1923 it slid to mind boggling low of 4 billion Mark to one Dollar! That was just actually the beginning, because a year or so after it was going for over a trillion Mark to one Dollar!

So as you are buying all available Dollars and storing away and pushing prices of local produces and imported goods over the galaxies, beware that when some of your relatives dies of hunger you would at least shed off some of the Dollars you have saved to do at least a quick burial and if the relative is close enough, you may have to shed further Dollars to pick up school fees and upkeep of survivors!

As you are already aware, the only thing that employers do with glee in a recessionary economy is to sack workers and cut down expenses and never I mean never salaries increases! So, if you continue to buy and push up the value of the Dollar, have you considered that there would reach a time, when your entire monthly salary may not buy a Dollar!? The fact that is you have not already bought enough Dollar up till now, forget it you are on wild goose chase and fruitless! You are only helping to destroy a plunging economy and destroy everyone as well!

My advice for the government is to make access to genuine request of  Dollar easy in both banks and Bureau De Changes and should map out strategy to mop up all road side Dollar sellers if they fail to streamline their operations to save the Naira from further steep decline and save millions of our citizens from hunger and starvation! Though as far as I can see the cabals care a hoot what the ordinary Nigerians are going through since major pre-occupation is loot of the treasury!