Global FX Rates

As the intravenous feed of the addiction drug knows as foreign capital is being removed, country after country is having to fend for itself.  The foreign exchange markets are reflecting the ability of these countries to stand on their own and the level of their internal governance.  It is not a pretty picture.  The addiction is deep and in the case of some countries, terminal as we have seen.  The resultant impact is also showing up in the value of countries which are commodity rich.

Devaluation of currencies vis a vis the USD during October 2008:
Czech (45.8%) Hungary (31.0%) Poland (21.0%) Korea (17.2%): withdrawl symptoms from sudden cut-off of intravenous feed of addiction drug

A$ (22.2%) C$ (20.7%) : Global recession, deflation in commodities