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Politics : Welcome to Slider's Dugout -- Ignore unavailable to you. Want to Upgrade?

To: re3 who wrote (13222)	11/6/2008 5:45:12 PM
From: bull_dozer	1 Recommendation Respond to of 50502

Nice. From that article... "In other countries, people would have done well, as this crisis was unfolding, to be fearful of cash. In Iceland for example, where the krona has been devalued by 80%, people are probably wishing they had owned gold. All over the world, countries are experiencing violent currency movements. The Brazilian real and the Mexican peso have lost a third of their value in the past three months. Even in relatively developed countries, like South Korea, the won has lost a third of its value. There is a currency crisis unfolding in Eastern Europe right now, with many currencies down 20% versus the Euro in a single month. This is causing considerable hardship in countries like Hungary, where people took out loans and mortgages in foreign currencies in order to avoid high interest rates. [ 2 ] The cost of repaying those loans is now significantly higher than what they anticipated. There are huge swaths of the world where cash has proven to be anything but safe. They are all wishing they bought gold. We believe that holders of US dollars will soon be wishing the same thing."