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From: | hugh webber <hugh.webber@clear.net.nz> |
Date: | Sun, 15 Feb 2004 07:50:56 +1300 |
Wrong target old chap - there's plenty of economists who have successfully traded currencies - how about Keynes himself? I expect you'll find that most curreny traders in the US these days have economics degrees. I thought the statement that Asian currencies have artificially pegged their currencies too low was a pretty fair statement. How about China (both Mainland and Taiwan), both have absolutely huge overseas reserves, Japan, Malaysia (whose defense to the Asian crisis in recent years was to freeze most currency transactions and peg its currency), India which still has most overseas currency capital transactions pegged and huge and growing overseas reserves. Hong Kong is pegged against the US dollar at too low a rate. The rest don't really matter unless you are into silly stuff like Burma/Myanmar, Bhutan, Indonesia (its effective economy is relatively small given the huge inefficiencies, corruption, currency devaluations since they took over from the Dutch), Nepal &. The two exceptions I might grant you are South Korea and Thailand which are both struggling to keep their exchange rates down.... Until these Asian economies liberalise properly incl Japan there's going to be a huge struggle and liberalised economies such as the US are going to be trying to manage their exchange rates down to compete with them. There's only the odd country which has managed to cope with a continually rising exchange rate by means of increasing efficiency - Germany is the main example and it seems to have come to the end of that road about now. Maybe Switzerland, Sweden and Finland are the others. ---------------------------------------------------------------------------- To remove yourself from this list, please use the form at http://www.sharechat.co.nz/chat/forum/
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