Imagine waking up one day to find out that you cannot withdraw more than $250 per week out of your bank account.
This is not some new bank policy. This is a new law put in place to prevent the national banks from collapsing.
On top of this all of your money, your US dollars, have been converted to Pesos at a 1 to 1 exchange rate which is clearly wrong.
This nightmare was a reality for Argentine citizens in 2001.
As a result there is still a massive distrust in government and public institutions. 15 years later people still do not keep their money in the bank. They keep the minimum amount of pesos to pay their bills and any savings are quickly converted to US cash and stored away.
In the US we complain about the internet bubble or the housing market crash but neither compare to what the citizens of Argentina have to deal with.
There is no such thing as trying to grow your savings for retirement. Cash is king and you keep it hidden.