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Embarrassment of Near-Riches

April 7, 2020

A few days ago, there was a ‘scandal‘ in the UK over the fact that Somerset Capital Management, the investment firm founded by cabinet minister Jacob Rees-Mogg in the UK, was advising customers which stocks to buy in the downturn. While I’m no friend of plutocratic investors (at least till my lottery ticket comes up, at which point it’ll be “So long, suckers!”), it struck me that SCM was like the dentist who tells you your molar needs a filling. The dentist makes profit providing the service, but he’s really only doing what he’s supposed to be doing: helping look after your teeth before they decay excessively.

I reflected on this when considering how I’m slightly embarrassed (but only slightly) over the fact that I’m mildly richer now than I have been since I moved back here. The Mexican peso, since 2018, has hovered between 12 and 14.5 to the Loonie. This evening, it’s down at 17.5.

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Not worthless, but definitely worth less.

I took out cash today and the withdrawal was substantially less, when I checked my Canadian bank account, than usual. I have more disposable income than I’m used to having. I also have virtually nothing to spend it on. I did buy extra dogfood, and put some gas and a litre of oil in the car I’m currently borrowing. But I don’t want to go to one of the nearby cities to do more serious shopping, since I’d be around lots of people. My sense of self-preservation told me to head home after dropping off some supplies I’d picked up for a friend. And, after talking with her for a while (in her garden, separated by 10 ft of air), I did so.

Most restaurants locally have either closed for the duration, or are concentrating on home deliveries. I had a sneaky hope while in town that I could stop at my favourite place for a take-out order of empanadas, but it was locked. Maybe the owners are still opening on weekends, but I have the impression they’ve given up for now. Another place I frequent, 200 metres away, was similarly shut.

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Argentine-style empanadas and a glass of vino tinto … now just a memory?

This transitory sense of wealth does bring some guilt, of course. I got myself a take-out coffee at a place I’ve been going to for years, and the owner was there alone. She’d laid off her staff, she told me, since business was almost non-existent. There was just the odd in-and-out person like me, the occasional pseudo-libertarian denialist, convinced that this is all a Chinese/American/George Soros hoax, and a few people who will tell you (sans face-mask) that you only have to beef up your aura or reinforce your chakras with the right mantra to deal with this. But those laid-off waitresses have zero income at the moment, whatever the condition of their chakras or auras.

The market isn’t usually busy on a Tuesday, but I still sometimes need to wait for a customer to finish a purchase. Today, people at the stalls were checking cellphones, to offset the boredom. The guilt/empathy here was double, since technically I’m supposed to have sequestered myself at home, where I grow no veggies and can’t bake my own bread. At some point, I imagine, the police, who have almost nothing to do but look for people to whom they can issue parking tickets, might start harassing older shoppers, but it doesn’t seem likely right now. There are few cases of virus in our state of Morelos, and there’s still the whispering hope that we’ll somehow continue like that. I’m more pessimistic, but I can’t help hoping that will be what comes to pass.

Ah, hope. When Pandora opened her box, hope was the one thing that remained after everything else flew out. But hope can be a tormentor, providing false optimism. Will the lockdown finish at the end of April? Will people go back to work soon? Will the kids go back to school? Will there be a cure-all antiviral medicine soon? How about garlic and turmeric? Hope, hope, hope.

Meanwhile, like a small-time Ebenezer Scrooge, I count my modest but accumulating dollars, shift them to my modest savings account, and wonder just how strange this will get before it’s all over.

And how will we know it’s truly over? The strangeness will stop, I imagine, and I’ll be back to my usual, almost hand-to-mouth existence. However, I think the strangeness will continue for a long time to come. And I’ll be financially semi-comfortable for a while.