Wednesday, September 15, 2010

The race to the bottom of the fiat currency barrel continues, this time it's Columbia's turn

Source: UK Yahoo Finance
Colombia’s peso fell the most in a month after the central bank said it would buy at least $20 million a day to stem a rally that pushed the currency to the world’s biggest gain this year. Read the Bloomberg article here.

Will someone please explain to me where the outrage is - if I were a citizen of Colombia, or any other country that employs this policy, I would be outraged that the government would act on my behalf to weaken the money I have in my pocket thereby making everything more expensive for me to buy.

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