Maybe I'll buy some riel. Any country backing away from the dollar is probably a country that's interested in protecting itself.
July 29, 2011, 10:26 a.m. EDT
Cambodia edges away from U.S. dollar
By Lisa Twaronite, MarketWatch
TOKYO (MarketWatch) — Cambodia, one of Asia’s fastest-developing frontier economies, is gradually letting go of the U.S. dollar’s hand in favor of its own currency, the riel — and some investors welcome the shift.
The Asian Development Bank predicted Cambodia will grow 6.5% in 2011, as textile and garment industries boom in a country that spent decades of the past century ravaged by civil war. According to the ADB, 90% of currency in circulation is the greenback — which is not the most popular world currency at the moment.
“The U.S. dollar is losing its credibility from the reckless ‘quantitative easing’ programs of the U.S. Federal Reserve. It is becoming unsafe for Cambodia to delegate its monetary policy to the bankrupt U.S., which hopes to inflate its way out of its recession and huge debts,” said Douglas Clayton, managing partner of frontier markets investor Leopard Capital.
Full story: http://www.marketwatch.com/story/cambodia-edges-away-from-us-dollar-2011-07-29
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
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