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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: russwinter who wrote (27974)	3/7/2005 9:13:13 AM
From: Crimson Ghost	Read Replies (1) \| Respond to of 110194

Is this why the buck is bouncing today? Korean Finance Minister Quits: Connected? February 22, 2005 Reuters Dollar Tumbles Across the Board by Christina Fincher Excerpt: ]] South Korea (news - web sites)'s central bank said on Monday it planned to diversify its reserves, which are the world's fourth largest, into a greater variety of currencies. Reserves have traditionally been held in U.S. Treasuries. The remarks were the catalyst for broad-based losses in the U.S. currency which tumbled to multi-week lows against most major currencies, seven-year lows against the Korean won and 22-year lows against the New Zealand dollar.[[ 13 Days Later……… S Korea's finance minister quits By Anna Fifield in Seoul Published: March 7 2005 04:58 \| Last updated: March 7 2005 04:58 ]]South Korea's finance minister finally bowed to public pressure and resigned on Monday, after he and his wife were accused of making more than US$6m from illegal property sales. There had been increasingly fervent calls for Lee Hun-jai's resignation since details of the property transactions - coinciding with a government clampdown on real estate speculation - emerged at the end of last month. However, Mr Lee insisted he had done nothing wrong. “[Mr Lee] will take responsibility for all the doubt arising from this incident,” Kim Gyeong-ho, ministry spokesman, said on Monday morning. “However, on his part there was no intention of speculating in real estate.” The scandal erupted on February 28 when ministers' asset declarations were published and it emerged the Lee family's assets had risen by Won6.6bn in seven years, largely due to the sale of rural land owned by Mr Lee's wife, Jin Jin-sook.[[