As anyone who's been following the current economic situation, as specifically relating to the free fall of the Rand knows this as been a sudden development.
The press reports the reason for this is the American Federal Reserve's decision to reign in its printing presses, the layman's term for quantitative easing, a banking term.
As a result investors are seeking the stability of safe havens ( read American and European) as opposed to that of emergent markets or developing nations.
What is alarmingly apparent is that most of the emerging markets are being affected ( including South Africa) and are raising their interest rates to contain inflationary pressure on their currencies.
Speculators appear to be specifically targeting these markets and accusations of manipulation of these markets by traders have been leveled. For more info refer to online financial and business sites.
Again this serves to prove the futility of being part of the Western Fiat Financial System as the dice is heavily loaded against developing nations in favour of Anglo American interests.
There have been calls by senior European Banking officials to abolish the Dollar as the World Reserve Currency and introduce a new global one.
Their motivation being the current instability and their predicted ripple effect.
Is this where we headed?
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