In the worst cases, bouts of capital flight can gain momentum until the value of the currency collapses, plunging the nation into crisis.
.. Balance of payments records show that 10 of the last 12 major currency crises, dating back to the Mexican peso meltdown of 1994, began when residents started sending money abroad, which was typically two years before the currency collapsed. Often politicians blamed “evil” and “immoral” foreign speculators for these crises, but it was the locals who first saw trouble coming.
.. Right now, this forensic accounting offers clear evidence of looming financial difficulty in only one major country: Turkey.
.. Starting early last year, affluent Turks began effectively moving large sums of money out of the country by exchanging their lira bank deposits for dollars and euros, while foreigners continued to buy Turkish assets.
.. Turkey’s millionaires appear to be fleeing both deteriorating financial conditions marked by very high inflation, and President Recep Tayyip Erdogan’s crackdown on his critics, including those in business.
.. Owing largely to the stability and glitter of the most famous emirate, Dubai, the United Arab Emirates in 2017 had a net inflow of 5,000 millionaires, increasing the size of its affluent population by 6 percent, the largest gain in the world.
.. Britain was among the millionaire havens until 2016, but may continue losing ground until it can resolve the uncertainties raised by Brexit.
.. Savvy locals are also the first to return when a country’s fortunes begin to turn for the better.
.. More broadly, economists and politicians might rethink the blame they heap on “immoral” foreigners in periods of capital flight. They assume global money managers are more sophisticated than provincial locals
but those longtime residents are in fact quicker to spot and respond to trouble in their own backyards
“As far as these overpaid pro athletes disrespecting our country, it just makes me sick,” Whitaker said. He’s a fairly regular NFL watcher who envisions watching less regularly. “Right now, you know, these athletes that are on the public stage, the world stage, and disrespecting the flag and the country, I couldn’t care less about watching it now.”
He said, “When I saw what was going on, and the wide disrespect, from full teams, you know, not partaking in the national anthem as it plays before games, stuff like that, it really, it set bad on me. Because for as long as we’ve been a country, people have fought for the freedom of the country, and they’re disrespecting that. They’re able to do that and make the money that they make because of the people that have fought for the freedom of this country. Personally, I’d like to see them go to another country and pull it.
“I like it when the players were out there: both teams, on the sidelines, standing up, hand over heart, when the anthem is being played. I honestly think that 99 percent of the veterans out there would say the same thing, because they’re not just disrespecting the anthem. In my opinion, they’re disrespecting everyone that’s serving now, and everyone that has served before that.
.. “As far as the anthem thing, I think that we live in a free country, and I think that you have the right to express yourself, and the Constitution states that you do,” he said. “I don’t agree with it [the method of protest]. I don’t like it. I think that if you’re an American citizen, a professional athlete, especially in a country that pretty much is about the only country that football matters, I don’t see how you can disrespect our flag on a national stage, because you’ve been given that opportunity by this country to go out there and make that kind of money. That’s where I’m feeling.”
.. But he also said, “I get it, man. I mean, I get it. If I made millions of dollars and people wanted to hear what I had to say and I felt strongly about something, I’d probably use that stage to get my opinion across.”