Chronicles Of Depression 2.0: #232
Choosing Cash Over Cachet
The dramatic downturn on Wall Street has caused an uptick in selling off pricey assets, from designer handbags to wine collections.
The unprecedented turmoil on Wall Street has made liquidity the new luxury. No one wants his cash hanging on the wall or around his wife’s neck. And all over the country, re-sellers of luxury goods from art to Birkin bags are seeing the exact same thing: wealthy consumers, once conspicuous in their consumption, are not just scaling back their spending, but parting with some of their priciest assets for cash.
Emphasis added by me.
Cash will be king.
For a short time.
Then utterly worthless.