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Also lots of US investors repatriated their foreign asset holdings.

The EUR/USD exchange rate oscillated about 20% in one direction and then 20% in the other direction in the last 3 months of last year.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma

by Migeru (migeru at eurotrib dot com) on Wed Sep 2nd, 2009 at 10:21:20 AM EST
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Yes, and repatriation of assets is exactly what one would expect in an environment where security for one's wealth is deemed more important than growing one's wealth. It's evidence of the superiority of the dollar (or other similarly politically credible currencies) over so-called "fundamental" values of money and assets.  The social determined rules of wealth are what matters in money, and everything else, including credit, are just proxies for those social determinants.
by santiago on Wed Sep 2nd, 2009 at 10:31:39 AM EST
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