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Author Topic: Currency devaluation  (Read 1109 times)
bitcool
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May 24, 2011, 07:02:54 PM
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when the average people lose more than 1/3 of their life savings overnight, and bankers call it a "positive step", you know what kind of twisted world we are living in.

http://www.bbc.co.uk/news/business-13508159

http://photoblog.msnbc.msn.com/_news/2011/05/23/6703147-long-lines-and-empty-shelves-around-currency-devaluation-in-belarus-
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May 24, 2011, 07:23:40 PM
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when the average people lose more than 1/3 of their life savings overnight, and bankers call it a "positive step", you know what kind of twisted world we are living in.
From the article

The dollar now buys 4,930 roubles at the official rate, up from 3,155 - but still well below the freely-traded interbank rate of about 7,000 roubles

I believe that recognizing (still not fully) the market reality can only be a good thing indeed. Conducting a monetary policy with inflation in mind is another story, though.

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May 24, 2011, 07:33:23 PM
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The idea that one can store value for long periods of time by holding currency is an illusion anyways.  It's a shame governments promote this idea in the first place.

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May 24, 2011, 07:34:52 PM
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Well, the weird thing is, people in Belarus are sowehat scared to use US dollars, euros or even Polish złotys. You have to buy rubles to pay for anything there. Food and home products are more expensive than in Poland, yet gasoline is being sold for less than a half of our prices. One more unusual thing I spotted is, that even though BYR is ultimately paper currency (smallest is 10 rubles denomination), they still produce silver and gold coins. Their denominations? 10 BYR (0,88 grosz) 20 BYR (1,75 grosz) for silver pieces and 50 BYR (4,4 grosz - this is about one and a half US cent) for gold ones. What for?...

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May 24, 2011, 07:58:25 PM
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I believe that recognizing (still not fully) the market reality can only be a good thing indeed. Conducting a monetary policy with inflation in mind is another story, though.
It's a good thing only in the sense that Mr. Market's delayed punishment finally come due. I am sure most of the bankers and "elite" have already get out, the bag holders are always the middle class and little guys.
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