The Culture of Hiding Money

The Culture of Hiding Money

Author: Steven Rhue

Article: Ecologies of Investment: Crisis Histories and Brick Futures in Argentina

            We have all heard the stories from the great depression. The rush on the banks, stacks of money becoming worthless, burning money to keep warm, and the many hardships people endured in this country before it was over. For many it left a lasting impact on their view of money and trust in the banks, many of which I have head of being passed down to children and grandchildren. D’Avellas’s article about the economic crisis in Argentinian details similar stories. Rushing to the bank to take out all of your money before it was gone, and huge downturns in the economy as well as the housing market. However, Those same concerns of trust in the banks arose as well. As a result, both the U.S. Great Depression, and the 2001 Argentine economic crisis, the distrust towards banks changed the ways many saved or “stored” their money. D’Avellas article reports people storing and hiding hundreds, if not thousands of dollars, in all sorts of manners throughout their home. I have heard similar stories from friends and family who have known someone who lived through the depression, and of course the legends of money hidden in walls and buried in the back yard. 

            However in Argentina’s case, it’s not such a Legend, it seems very common place, and the idea of hiding so much money you forget where you’ve hidden stacks of it is remarkable. Again, I have also know others in the states to do similar things.They hide money not just to keep it out of the bank, but just for random occasion of needing it. This practice though, stems from the distrust of the bank and the credit they hold for you. However, in the US, and it seems in Argentina, they are still necessary for basic economic function, so one cannot completely hide their money outside of them. This article made me particularly interested in a study of those who keep their money outside of a bank, how they manage it, and how it impacts their lives. We’ve often discussed how you can’t really just keep stacks of cash around and not use credit, but can you? After reading this article I’d be interested to have another class discussion about it, and perhaps know if others have heard of similar stories from their own families or friends. Can you really trust the banks, or do we have to?