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Panicked Gold Buying Forces Vietnam To Devalue Currency
The Business Insider ^ | November 25, 2009 | Vincent Fernando

Posted on 11/25/2009 6:31:45 AM PST by danielmryan

Vietnam has been forced to devalue its currency, the dong, for the third time since June 2008.

The country's pegged exchange rate will shift to 17,961 dong per dollar vs. 17,034 previously. The Vietnamese central bank will also hiking interest rates to 8% from 7% in an attempt to control inflation.

(Excerpt) Read more at businessinsider.com ...


TOPICS: Business/Economy; Foreign Affairs
KEYWORDS: centralbanks; devaluation; gold; vietname
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To: djf

Well, I for one am glad I live in the United States, where the government stays away from our dongs.


21 posted on 11/25/2009 7:41:04 AM PST by WayneS (Respect the 2nd Amendment; Repeal the 16th)
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To: djf

Well, I for one am glad I live in the United States, where the government stays away from our dongs.


22 posted on 11/25/2009 7:41:05 AM PST by WayneS (Respect the 2nd Amendment; Repeal the 16th)
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To: STONEWALLS

....more and more, gold is starting to look like a bubble to me...first came the dot com bubble, followed by the housing bubble and now the precious metals bubble.


The rise in gold is evidence of a currency bubble, IMO.


23 posted on 11/25/2009 7:42:32 AM PST by Atlas Sneezed (“Personal freedom begins when you tell Old Mrs. Grundy to go to Hell.” -Lazarus Long)
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To: WayneS

The currency traders I know say that actually the Dong has been soft for quite a while...


24 posted on 11/25/2009 7:45:47 AM PST by djf (Maybe life ain't about the doing - maybe it's just the trying... Hey, I don't make the rules!)
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To: onedoug

Me no speak Vietnamese.

I do have about 13 cents worth of the currency, though.


25 posted on 11/25/2009 7:48:07 AM PST by dynachrome (Barack Hussein Obama yunikku khinaaziir!)
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To: dynachrome

...muoi ba....


26 posted on 11/25/2009 8:07:17 AM PST by onedoug
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To: danielmryan

The dong got dinged?


27 posted on 11/25/2009 8:34:36 AM PST by SnuffaBolshevik
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To: Vigilantcitizen
I’m shorting the dong.

Some day you may wish you were long on the dong.

28 posted on 11/25/2009 1:53:31 PM PST by Partisan Gunslinger
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To: SnuffaBolshevik

"No more yankee my wankie!"

L

29 posted on 11/25/2009 1:58:22 PM PST by Lurker (The avalanche has begun. The pebbles no longer have a vote.)
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To: djf
"The currency traders I know say that actually the Dong has been soft for quite a while..."

Strange....The traders I know say a strong dong is poised to brutally push through higher resistance points soon.

30 posted on 11/25/2009 3:14:39 PM PST by SnuffaBolshevik
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To: Lurker

My kids and I watched that movie so many times over the years that we knew most of the lines by heart. What a great movie.


31 posted on 11/26/2009 5:22:59 PM PST by Grandma Pam
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To: Grandma Pam

I’ve been waiting for an opportunity to post that picture for a very long time.


32 posted on 11/26/2009 5:34:20 PM PST by Lurker (The avalanche has begun. The pebbles no longer have a vote.)
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To: danielmryan

Me love you not so long time.......


33 posted on 11/26/2009 5:51:14 PM PST by exit82 (Democrats are the enemy of freedom. Sarah Palin is our Esther.)
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