If we look into history of different countries we will find that different countries faced the financial crises at different times. As the world is facing now financial crisis now also, the question comes in mind that who are those who run this finance horse, what are the reasons which leads to financial crises? Or is there is someone who is holding all the strings and keep them pulling? So many questions come in mind when mind starts thinking about it.

Well I had searched about this and compiled these ten nasty crises. Check out these ten dramatic crises.

1 – Argentine economic crisis (1999 – 2002)

Argentinean economy was destabilized in 1980s when Latin American Crisis struck it. Argentine was an import dependent country where people usually convert their peso into dollars to feel secure. The high inflation rate leads its currency to lose the confidence and adding oil to fire the government that time spent generously on itself while ignoring the country’s crumbling industrial infrastructure.

Mexico and Brazil were the major trade partners of the Argentine in 1980s both countries suffered the economic crises which spread out in Latin America. Brazil’s currency was devalued in 1999 that damaged a lot Argentinean exports and adding fuel to fire the dollar was revalued giving a harsh blow to Argentinean Peso.

Till 1999 the country was having 3^rd consistent year of economic decline but the government haven’t devalued the peso, which made the crisis worse. In such conditions the investors ran on banks for dollars to send abroad for safety. Meanwhile the government freezes everyone’s bank accounts. This step of the government raised violence amongst citizens and protests through out country were started. The government was collapsed in 2001. While in crisis the people were bartering for goods because lack of cash, many people eked out a living by scavenging cardboard for recycling plants.

The new government 1^st tried to setup a third currency between dollar and peso but that failed. Then it instructed the banks to convert all dollars into pesos. That step worked and peso was lead to diminish in value. Because of that exports got higher and in meanwhile the government tightened its tax policies, improves social welfare, encourages business growth and put the reserve dollars up for sale in market. The country got the surplus trade because of its agricultural products anyhow its still struggling with inflation.

Lesson

Freezing bank accounts leads the crises to get worst. It can’t be a smart step to tackle the crisis.

2 – Russian Financial Crisis (1998)

The Russian government in 1993 introduced inflation-free short-term treasury bills known as GKOs to finance the country’s deficit. GKOs were traded on currency exchanges. Most of it was state owning while only 1/3 of funding came from foreign speculators who were attracted by high interest rates. Like a classic Ponzi scheme the government used proceeds from sales of new GKOs to payoff interest on matured bills.

Read the full story

The best things in life may be free, but these days the important things certainly are not. We have taken on the role of consumers so well, that we don’t even realize that so much stuff that we are being made to pay for should be totally free. And the good news is: lots of it is. What’s lacking is awareness. And that’s exactly what I’ve brought for you here. Here is a list of 20 things that you can get totally free, without even compromising on quality.

1. Your Credit Report

All those ads online offering free credit reports are a scam, we learnt that ages ago. But what’s not is a scam is http://annualcreditreport.com. Don’t be fooled by what ever other websites are telling you. At annualcreditreport.com, you can get 1 free report from each of the 3 credit reporting agencies every 12 months.

2. Credit Card

Give me one good reason why anyone should pay the credit card companies an annual fee? First they make money by charging you interest, and then you have to pay annual fees as well. Don’t pay for a credit card annual feel. American Express has no fee cards, and many other financial institutions offer the same. Don’t pay any more credit card annual fees.

3. Banking Services

Just say NO to paying bank fees. Sign up for their free account. Switch banks if you have to, just don’t pay any fees for banking. Banks are already earning interest by holding your money, so why should you pay them more? Do your best to never pay for checks again too. Pay your bills using free bill pay services or online using your debit or credit cards. When and if you do run out of checks, have a nice friendly meeting with your local bank branch manager and ask about getting a free refill.

Read the full story