The New Zealand dollar has taken a tumble in value, reaching a 10 year low against the Australian dollar.
See the final IRG BOP video market update with Jonathan York for 2010 below.
The New Zealand dollar fell to Australian 74.85c early Thursday, before climbing again slightly to get above the A$0.75 mark.
Overnight the New Zealand dollar also struck lows against the US dollar. It was down to US74.15c at 8am after being at US74.92 at 5pm on Wednesday.
1 comment
EVERY currecy drops
Posted on 16-12-2010 10:40 | By SpeakUp
New Zealand is borrowing 300 million each week of newly printed monopoly money to feed the spendthrift obligations of NZ governance (Labour AND National alike). It will only be a matter of time before the markets will realize the discrepancy of the ‘value' of this paper flood compared to the worth of goods. Abraham Lincoln once said "You can fool all the people some of the time, and some of the people all the time, but you cannot fool all the people all the time." Modified for New Zealand that should read, 'you can fool most of the people, most of the time”. Therefore it will take a while longer but in the end it will be only a matter of time before we experience a change in individual perceptions of the value of money. The only uncertainty is the exact time when this will happen. But happen it will. And it will be very swift. It will be a very fast demise into hyperinflation. First sign will be the fast rise of interest rates (the price of money) to discount future currency depreciation. It will not be a pretty sight. It will come ‘out of the blue'. The sheeple, uneducated in monetary matters, will not know what hit them.
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