Keyword: devaluation

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  • Vietnamese Hoarding U.S. Dollars As Dong Crashes Post-Emergency Devaluation

    02/10/2010 9:09:47 PM PST · by blam · 28 replies · 651+ views
    The Business Insider ^ | 2-11-2010 | Vincent Fernando
    Vietnamese Hoarding U.S. Dollars As Dong Crashes Post-Emergency Devaluation Vincent Fernando Feb. 11, 2010, 12:01 AM Vietnam's currency, the dong, is crashing after the government was forced to devalue it by 3.4% against the U.S. dollar for the second time in under three months. The new fixed rate for the currency is 18,544 dong per dollar, versus 17,941 previously. The central bank also imposed a 1% ceiling on interest rates for dollar deposits at banks in a bid to disincentive the hoarding of dollars. Yet the black market thinks that the government will have to slash the dong's exchange rate...
  • Nervous Venezuelans panic buy TVs after devaluation

    01/11/2010 1:07:21 AM PST · by TigerLikesRooster · 14 replies · 885+ views
    Reuters ^ | 01/09/10 | Eyanir Chinea
    Nervous Venezuelans panic buy TVs after devaluation Sat, Jan 9 2010 * Shoppers fear sharp price rises for imported goods * Opposition fuels shopping spree with warnings By Eyanir Chinea CARACAS, Jan 9 (Reuters) - Shouting "buy, buy, the world is going to die," Venezuelans went on a frantic shopping spree on Saturday following a sharp currency devaluation that is expected to drive up prices. President Hugo Chavez announced a dual system for the fixed rate bolivar on Friday night while much of the country was watching a baseball game. But on Saturday, word spread quickly as people read the...
  • Venezuela's Chavez announces currency devaluation

    01/08/2010 5:08:18 PM PST · by NormsRevenge · 18 replies · 778+ views
    AP on Yahoo ^ | 1/8/10 | AP
    CARACAS, Venezuela Venezuelan President Hugo Chavez on Friday announced a currency devaluation for the first time since 2005. Chavez said Venezuela's currency, the bolivar, will now have two government-set rates depending on the use, either 2.60 to the dollar for transactions deemed priorities by the government or 4.30 to the dollar for other transactions. The devaluation dropped the currency's value by 17 percent or 50 percent, depending on the tier. The currency's official exchange rate has been held steady by the government at 2.15 bolivars to the dollar since 2005.
  • "N. Korea's Currency Reform Could End in Chaos" (Editorial from South Korea)

    12/07/2009 12:09:21 AM PST · by AmericanInTokyo · 10 replies · 830+ views
    Chosun Ilbo News, Seoul ^ | 7 December 2009 Pearl Harbor Day | Chosun Ilbo Editorial
    N. Korea's Currency Reform Could End in Chaos The North Korean military is on alert for a possible civil uprising following last week's sudden currency reform, according to a Russian business newspaper citing foreign diplomats in the communist country. The currency reform involved the exchange of only limited amounts of old bills at a rate of 100:1, with the state confiscating the remainder. People who are afraid of exposing the size of their wealth have no choice but to hide their old bills. It is difficult to ascertain the actual circumstances, but it is apparent the North Korean regime is...
  • N.Korean Military 'Seizes Control of Economy'

    12/06/2009 7:59:43 PM PST · by bruinbirdman · 10 replies · 840+ views
    Chosun Ilbo ^ | 12/7/2009
    The North Korean military has seized charge of the economy, elbowing out other ministries and the Workers' Party, the Washington Post said Tuesday. According to the daily, North Korea's military has "grabbed nearly complete command of the nation's state-run economy and staked out a lucrative new trade in mineral sales to China to make money for its supreme commander, Kim Jong-il." "The army has earned hundreds of millions of dollars selling missiles and weapons to Iran, Pakistan, Syria and other nations." But its two nuclear tests in October 2006 and in May 2009 "have triggered UN sanctions that are now...
  • N.Korean Rulers Worried Over Devaluation Backlash; Military Put On Sub-War Level Alert (Breaking)

    12/06/2009 5:34:54 PM PST · by AmericanInTokyo · 209 replies · 6,645+ views
    Chosun Ilbo News, Seoul, S. Korea (original in Japanese) ^ | 7 December 2009 Pearl Harbor Day | Anh Yon Hyon, Reporter
    OK, this is confusing: but this is the LINK to the original Japanese language article from the conservative/trustworthy South Korean "Chonsun Ilbo" daily newspaper website in Korean which reported from a Russian news agency just a little while ago.The headline is 北朝鮮デノミ:「住民騒乱を懸念、軍が戦闘準備」 ("North Korean Currency Devaluation: Worries Over Uprising By North Korean People; North Korean Army Goes on Sub-War Status")
  • Highest Authority in N. Korea Authorizes Firing On All Citizens Attempting to Leave By China (VIDEO)

    12/05/2009 4:53:53 PM PST · by AmericanInTokyo · 68 replies · 3,887+ views
    JNN News (Television) from Japan ^ | 6 December 2009 | AmericanInTokyo
    This is a short video clip of the top news from the major Japanese JNN Network today. The link is to a Japanese news page on Yahoo!Japan; one just needs to click the arrow to stream the report.Before streaming, please note:-Not all PC/Mac systems can stream the video but most can.-The video may be up for only a few more hours. Then (usually) the links go down. Please see while you can.-You may need to have Microsoft Silverlight installed on your machine.The horrid news report about North Korea, in Japanese, is HERE.And HERE is a clip of what the...
  • Panicked Gold Buying Forces Vietnam To Devalue Currency

    11/25/2009 6:31:45 AM PST · by danielmryan · 32 replies · 933+ views
    The Business Insider ^ | November 25, 2009 | Vincent Fernando
    Vietnam has been forced to devalue its currency, the dong, for the third time since June 2008. The country's pegged exchange rate will shift to 17,961 dong per dollar vs. 17,034 previously. The Vietnamese central bank will also hiking interest rates to 8% from 7% in an attempt to control inflation.
  • Health Care Reform and the Threat to the Dollar

    11/02/2009 9:38:09 AM PST · by markomalley · 203+ views
    Heritage ^ | 11/2/2009 | J. D. Foster PHD
    The U.S. dollar is falling steadily against the Euro and many other major currencies. If this trend continues, the repercussions for the U.S. economy would be significant: higher inflation, higher interest rates, and a lower standard of living. It could also lead to the rapid dethroning of the dollar as the world's primary reserve currency. Perhaps most worrisome, the slide in the dollar risks becoming a rout that could trigger another global financial crisis. The Obama Administration has advanced a broad slate of policies sharing the consistent side effect that they would weaken the economy soon and indefinitely. For example,...
  • When Big Returns Aren't That Big (The Dow hits 10,000 in Devalued Dollars)

    10/16/2009 7:50:28 AM PDT · by SeekAndFind · 14 replies · 603+ views
    Smart Money ^ | 10/16/2009 | Jonathan Hoenig
    From May through October of 2008, Zimbabwean stocks skyrocketed, shooting from 72,000 to almost 400,000 by early November as measured by the S&P/International Finance Zimbabwe Index. For intrepid investors with a world bent, it would appear to be an attractive return of roughly 5,300%. The only problem is that, while investors had indeed earned more Zimbabwe dollars, the value of those dollars over the same period had nearly evaporated amid the country's hyperinflation, meaning the "return" was actually a catastrophic loss. One Zimbabwe dollar in May of 2008 had lost 99.99% of its purchasing power by November of that same...
  • Chinas Dollar Problem

    10/12/2009 10:26:36 PM PDT · by TigerLikesRooster · 11 replies · 727+ views
    Project Syndicate ^ | 10/09/09 | Kenneth Rogoff
    Chinas Dollar Problem Kenneth Rogoff Kenneth RogoffCAMBRIDGE When will China finally realize that it cannot accumulate dollars forever? It already has more than $2 trillion. Do the Chinese really want to be sitting on $4 trillion in another five to 10 years? With the United States government staring at the long-term costs of the financial bailout, as well as inexorably rising entitlement costs, shouldnt the Chinese worry about a repeat of Europes experience from the 1970s? During the 1950s and 1960s, Europeans amassed a huge stash of US Treasury bills in an effort to maintain fixed exchange-rate pegs, much...
  • The Time for Diversification Away from the Dollar Is Upon Us

    10/07/2009 8:25:20 AM PDT · by Shane · 10 replies · 496+ views
    Seeking Alpha ^ | 10/7/09 | Clive Corcoran
    The report yesterday in the UK's Independent newspaper by Robert Fisk triggered several slightly bizarre reactions which ranged from brandishing the respected reporter as a conspiracy nut to dismissing the allegations as not very useful since Mr. Fisk is not by training an economist. (Actually I would have thought that was to his credit). What was questionable about the Independent article was the emphasis that was placed on the notion that pricing oil in another currency than U.S. dollars was really the thin end of the wedge which will lead to a phasing out of the greenback's role as the...
  • Expectations of a Dollar Devaluation Causing Gold To Break Out

    07/31/2009 8:56:46 AM PDT · by h20skier66 · 5 replies · 655+ views
    Commodity News Center ^ | 7/31/09 | Julian Philips
    Some sage gold watchers are expecting a major $ devaluation before the end of the year! Some say it could be any day now. Certainly the fundamentals have pointed that way, as we have discussed for some time now, this despite the repeated "Strong $ Policy" statement from this and the last Administration. The concept is no doubt alarming and implies a radical change in global economics.
  • A Lesson In Super Sovereign Currencies: An End To The MOPE and SPIN

    07/12/2009 4:03:42 AM PDT · by TigerLikesRooster · 2 replies · 276+ views
    A Lesson In Super Sovereign Currencies: An End To The MOPE and SPIN Posted: Jul 11 2009 By: Jim Sinclair Post Edited: July 11, 2009 at 4:52 pm Filed under: General Editorial Dear CIGAs, Of course the world is not going to replace the dollar as a reserve currency immediately, or for that matter ever. What is going to happen is the IMF or an Asian entity will formulate a basket of currencies and possibly gold into a unit much like the USDX. There will be an issuing agent and much like the SDR it will be an accounting unit...
  • First Call for the Monetization of Gold

    06/17/2009 1:14:21 PM PDT · by freedommom · 3 replies · 361+ views
    seeking alpha ^ | june 17,2009 | Peter Cooper
    Russia is proposing the inclusion of the ruble, yuan and gold as a part of a revised basket of currencies to form the valuation of the IMFs special drawing rights seen as the coming new alternative global reserve currency, reported AP. At a summit meeting yesterday, Russia and China challenged the reserve currency status of the dollar with two initiatives, while at the same time professing their support for the greenback in which both countries have huge bond holdings. Gold for SDRs China is to extend a $10 billion loan to a regional group that comprises Russia and four central...
  • China does not manipulate renminbi exchange rate(hitting back at Krugman)

    05/19/2009 1:38:29 AM PDT · by TigerLikesRooster · 3 replies · 493+ views
    People's Daily ^ | 05/13/09
    China does not manipulate renminbi exchange rate During an economist dialogue event held on May 11, Paul Krugman, the 2008 Nobel Economics Prize winner claimed that China's huge trade surplus is the result of government intervention and the world cannot continue to accept such tremendous trade deficit caused by China. Long Yongtu, Secretary General of the Boao Forum for Asia, responded by saying that China should not be criticized for its huge trade surplus. China blamed for trade surplus Krugman argued that China's huge trade surplus is a result of government policies and the deficit would not run this high...
  • China fears bond crisis as it slams quantitative easing

    05/07/2009 5:51:53 AM PDT · by TigerLikesRooster · 13 replies · 623+ views
    Telegraph ^ | 05/07/09 | Ambrose Evans-Pritchard
    China fears bond crisis as it slams quantitative easing China has given its clearest warning to date that emergency monetary stimulus by Western governments risks setting off worldwide inflation and undermining global bond markets. By Ambrose Evans-Pritchard Last Updated: 1:13PM BST 07 May 2009 Comments 5 | Comment on this article "A policy mistake made by some major central bank may bring inflation risks to the whole world," said the People's Central Bank in its quarterly report. "As more and more economies are adopting unconventional monetary policies, such as quantitative easing (QE), major currencies' devaluation risks may rise," it said....
  • Deval Patricks hackapalooza

    04/02/2009 7:17:46 AM PDT · by outpostinmass2 · 40 replies · 3,422+ views
    Boston Herald ^ | 4/2/09 | Hillary Chabot
    Gov. Deval Patrick has stashed four staffers in big-bucks jobs at several of the quasi-public agencies he is now vowing to reform - including one post worth a jaw-dropping $190,000 a year, the Herald has learned. Patrick ordered up a probe of salaries at quasi-public agencies last week as taxpayer outrage peaked over his tapping of Sen. Marian Walsh for a long-vacant $175,000-a-year post with the Massachusetts Health and Educational Facilities Authority. But four Patrick administration staffers have landed at quasi-public agencies:
  • UK MEP for President!

    03/25/2009 9:43:03 AM PDT · by FreedomNotSafety · 14 replies · 516+ views
    Telegraph via Drudge ^ | 03/25/2009 | Hannan
    Video link
  • EDITORIAL: Threat of inflation sky high

    03/21/2009 11:27:06 PM PDT · by Scanian · 34 replies · 1,238+ views
    The Washington Times ^ | Editorial | March 22, 2009
    The Fed's announcement last week to flood the financial markets with $1.2 trillion in new money stunned many. True, governments often print money as a cheap way to buy off their debt. Governments also find that instead of paying off their debt they can simply reduce the value of the currency so much that earlier debts are not worth anything. But the shear size of the current change to the world's preeminent currency is unprecedented. More money means that each dollar falls in value and can purchase less than it did previously. Think of it this way: If the number...