The most beautiful thing about any developing country is the limitless opportunities. The flipside is the equal or more heinous risks that come with the impressive opportunities. Many ride the wave like they were born at the beach, others learn the hard way after the waves crash on them and take them down. Some don't learn at all.
One of the things I learned was during my journey was "interest". At the end of the day, I can confidently say, with whatever I learned about it - I hate it. In every sense of the word - I hate it. Very passionate hate. Debt and interest will forever be the oxygen to the fire of economic prowess. Nevertheless, it will forever remain the most passionate hate I have...unless I learn otherwise.
The world economy, in a very broad sense, runs on debt. Wealth is made by debt...or at least money that doesn't exist. Back in 2014, I was just learning about the ways of money that didn't exist. What I wasn't learning were the tricks I'd soon fall prey to. After my friend and I were conned by an "advokat(?)", "guy from notariyus(?)", whatever they are called, with the money we pulled together to put up a bar lounge, I shared my concerns with my bank manager, a.k.a. a regular bank salesperson with a fancy tag.
That's when my circle of hell with banks began. You see, back then, foreigners were not allowed to collect interest through saving programs. I had also just become a gold member with the bank that we shall not name for legal and social purposes. The membership gave me very lucrative international transfer options, and direct assistance at any time of the day. Which means it also came with a very beautiful blonde bank account "manager" a.k.a. the salesperson.
I still remember a person, that I do not know ;), meeting up with such a blonde and discussing solutions to some "hustles"...something which that person wanted to make fully presentable in court, ifykwim. She had other plans, which wouldn't be fully presentable in court, but was an attractive package nonetheless. An under the table deal to collect high interest on his USD savings... just under her name. Because foreigners can't collect interest, but that bank really wanted USD in comparison to local currency. She'd get a small cut, he'd keep his money safe and collect good interest.
Fast forward a few months, the bank shuts down - overnight. Back then it was all over the local news. It had something to do with the reform and uprising. Queues front of the bank branches with no one opening the doors. Calls going out to personal bank account managers with no answers. Overnight, many lost everything they had. And for people like that person, they couldn't even appeal for insurance or to the court. Like I said, in developing countries, the benefits come with equal or more heavy consequences.
Oh no, she's done a runner.
But this story isn't unique. Lebanon, China, Iraq, and most recently and most loud, USA. They have all had their share of runners. The big dogs either get bailed out after the runner is gone, or take what they can before she runs, the middlemen sit with their belly full, and only the mediums and smalls get a thorough postrate check with no vaseline.
Did I learn my lesson? You wish. I still had another account with a similar bank. They also were a bank not owned locally, lets put it that way, but had great benefits. This was when I had started physically arbritaging currencies. The benefit I had with a gold account in this bank was getting what they called "internet rates" and 0 fees and 0 transfer fees. I soon ventured into other opportunities and stayed away from gaining interest in any way and slowly moved away from this bank as relations between two countries kept getting sour.
I decided to start, after many years, with a govn bank. It was the safe bet...or as safe as it gets. When things went really bad, I wired a lumpsum abroad to protect as much as I could. But it never went through. A few weeks later I found myself in Poland unable to access anything I had in the account. I was like a hobo in the trashcan with a pan. Asking around for help. And I found many of you very generous (thanks, again). But the thing is, the bank can never give back what they don't hold. What I had was numbers in an app, and cards with my name, and no bank that was able to turn my numbers into cash. And again we're back at "money that doesn't exist". Except the money once was mine. I've seen this happen in other places as mentioned above: Lebanon, China, and even the latest USA. Am I again part of the story of the runner? Its a gov bank. It hasn't done a runner. I was merely "flagged" for the wire. I can just get my docs verified and it would solve all issues I have. Is it?... do I really just listen to them and go back and get my "documents verified" to get my account "unblocked"? If it was that simple and just about documents, why are there more around me who share a similar story?
I am still not learned enough to have a very clear opinion on all of this. The banking system is something thats based on the very thing I hate, but its a system I do not see myself existing without - at least for now. Oh, the rat has been shackled again.
Is crypto the answer? At least not for a few more years where it is truly independent of the system in place. Maybe I just need to wait it out. Wait all of it out. Maybe this benzo will help. My thoughts are unreliable. I'm talking gibberish. I'll sleep it out.
