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Run on Vietnam's biggest bank highlights threat to economy
The Telegraph ^
| 8/27/2012
| Ian MacKinnon, Bangkok
Posted on 08/27/2012 9:02:25 PM PDT by bruinbirdman
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To: bruinbirdman
“The deliveries of truck loads of money and queues outside branches of Vietnams biggest lender, Asia Commercial Bank, ready to withdraw their cash almost as quickly as stocks were replenished were an eloquent expression of the fears stalking the countys banking system.”
You can never have too much dong...
2
posted on
08/27/2012 9:10:31 PM PDT
by
decal
(I'm not rude, I don't suffer fools is all.)
To: bruinbirdman
I wonder how many other Asian banks are in trouble, even outside of Vietnam. Taiwan is about the only country properly regulated.
No wonder the price of gold is rising.
3
posted on
08/27/2012 9:10:51 PM PDT
by
BlackVeil
To: decal
"You can never have too much dong... " 1 United States Dollar (USD) = 20,865 Vietnamese Dong (VND)
yitbos
4
posted on
08/27/2012 9:19:27 PM PDT
by
bruinbirdman
("Those who control language control minds." -- Ayn Rand)
To: bruinbirdman
Imagine, wheelbarrows full of dong...
5
posted on
08/27/2012 9:23:08 PM PDT
by
decal
(I'm not rude, I don't suffer fools is all.)
To: decal
A few weeks ago I was at my large bank in a large suburb and wanted $1000 in cash. They said they didn't have many hundreds, so would $50 be okay. Huh!!!??? You don't have enough $100 bills to cover it?
“Well now George - $124.75 isn't going to break the bank, so I want all of my money now”.
6
posted on
08/27/2012 9:24:33 PM PDT
by
21twelve
(So I [God] gave them over to their stubborn hearts to follow their own devices. Psalm 81:12)
To: decal
Yes, that's Uncle Ho
The whole thing ain't $50.
yitbos
7
posted on
08/27/2012 9:34:23 PM PDT
by
bruinbirdman
("Those who control language control minds." -- Ayn Rand)
To: bruinbirdman
Buying homes in Vietnam with gold is standard practice. Vietnamese don’t trust their currency despite government repeat attempt to force ppl on it then constantly devaluing it
8
posted on
08/27/2012 9:38:03 PM PDT
by
4rcane
To: bruinbirdman
Yeah, I remember the UK Top Gear episode where the guys were given shoeboxes full of money to buy vehicles that could get them from Saigon to Haiphong - turned out the stuff was worth maybe a couple of hundred $US and all they could afford were second-hand scooters.
9
posted on
08/27/2012 9:39:06 PM PDT
by
decal
(I'm not rude, I don't suffer fools is all.)
To: bruinbirdman
And that is the official exchange rate; you get even more for your dollar on the unofficial exchanges.
10
posted on
08/27/2012 9:41:51 PM PDT
by
Army Air Corps
(Four Fried Chickens and a Coke)
To: bruinbirdman
so stimulus made it worse and is anyone surprised?
11
posted on
08/27/2012 9:43:09 PM PDT
by
GeronL
(The Right to Life came before the Right to Pursue Happiness)
To: ThanhPhero
12
posted on
08/27/2012 9:46:21 PM PDT
by
Army Air Corps
(Four Fried Chickens and a Coke)
To: bruinbirdman
What is this line? "...once tipped as one of Asia's star performers....."
If I remember right, except for a few failing factories built by the Japanese and a weak tourism business, Vietnam has been a basketcase for 40 years.
13
posted on
08/27/2012 10:00:39 PM PDT
by
VanShuyten
("a shadow...draped nobly in the folds of a gorgeous eloquence.")
To: Rembrandt
Đọc này và có thể xem xét lại kế hoạch của bạn.
14
posted on
08/27/2012 10:09:09 PM PDT
by
BIGLOOK
(72 days)
To: decal
Imagine, wheelbarrows full of dong...Welcome to my life.
15
posted on
08/27/2012 10:13:53 PM PDT
by
Lazamataz
(Funny but creepy!)
To: bruinbirdman
Thank goodness they always have communism to fall back on
16
posted on
08/27/2012 10:22:31 PM PDT
by
VeniVidiVici
(Congrats to Ted Kennedy! He's been sober for two years now!!)
To: VanShuyten
What is this line? "...once tipped as one of Asia's star performers....."Guilt?
yitbos
17
posted on
08/27/2012 10:24:23 PM PDT
by
bruinbirdman
("Those who control language control minds." -- Ayn Rand)
To: VanShuyten
From memory.....
In the late 1980’s Vietnam sought MFN status with the USA.
John McCain “forgave” his torturers and gave a number of speeches explaining why it was essential for us to have a powerful trade relationship with Vietnam.
The news networks went bananas supporting this idea (and stroking the always obliging McCain) - probably because they hoped Cuba would be next on the list.
The political “hook” was that unless the USA rushed in with investment and trade contracts, other less deserving nations would get there first.
It was a ludicrous misrepresentation of Vietnam's economy and government 25 years ago, and still is today.
To: bruinbirdman
I have been investigating getting my SS sent to an account in a Vietnamese bank. That project is on hold.
19
posted on
08/28/2012 6:05:39 AM PDT
by
ThanhPhero
(Khach hanh huong den La Vang)
To: bruinbirdman
Viêt Nam tries to keep the đông at par with the dollar. After a while it gets out of whack and the government resets. The exchange rate is not an old time "official" rate that deviates from the street rate but the government controls money creation to maintain the rate. The difference between changing money at TSN with a bank agent and at a gold shop has been miniscule. The continuous influx of North Korean $100 USD bills that are undetectable except by US Treasury equipment, which isn't shared, is enough to make for noticeable inflation in the Vietnamese economy. The price inflation is apparently severe in Hà Nội but only mild in Sài Gòn and even less in the smaller places. An old friend who has been employed in Hà Nội for several years moved down to Nha Trang and says it is nicer there and much cheaper now.
20
posted on
08/28/2012 6:50:49 AM PDT
by
ThanhPhero
(Khach hanh huong den La Vang)
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