Wednesday, January 18, 2006

Another Peggy Blows Her Stack

Korea is mad. Mad at currency speculators. But they should not be mad at normal people doing what comes naturally. They should be mad at whoever decided to take us all off the gold standard -- or more precisely, those who destroyed the gold standard through their betrayal of its purpose through the excessive and haphazard inflating of currencies.


[Thanks to extrapop.com for this photo.]

See article at Tech Central here.

China, Japan and Korea are the leaders in dollar pegging these days. What they try to do (peg to the dollar to favor their exporting industries) will one day backfire in this fiat environment. He who said "fiat" says "currency speculation." China seems to have realized the problem and to be trying to deal with it. Korea apparently has some lessons to learn.

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