zerohedge @zerohedge As Egypt Runs Out Of Dollars, Is It Next On The Devaluation Bandwagon? http://www.zerohedge.com/news/2013-02-10/egypt-runs-out-dollars-it-next-devaluation-bandwagon … Collapse Reply Retweet Favorite Buffer More 20RETWEETS 5FAVORITES 2:32 PM - 10 Feb 13 · Details As Egypt Runs Out Of Dollars, Is It Next On The Devaluation Bandwagon? Submitted by Tyler Durden on 02/10/2013 13:32 -0500 Ben Bernanke Central Banks Purchasing Power Reuters Sovereigns Late on Friday Venezuela shocked the world when instead of reporting an update on the ailing health of its leader, as many expected it would, it announced the official devaluation of its currency, the Bolivar by nearly 50% against the dollar yet still well below the unofficial black market exchange rate. By doing so, it may have set off a chain reaction among the secondary sovereigns in the world, those who have so far stayed away from the "big boys" currency wars, or those waged by the Big 6 "developed world" central banks, in an attempt to also "devalue their way to prosperity" and boost their economies by encouraging exports even as the local population sees a major drop in its purchasing power and living standards. So in the game, where the last player to crush their currency inevitably loses, the question is who is next. The answer may well be America's latest best north African friend, and custodian of the Suez Canal: Egypt. As Reuters reports, in the ongoing underreported counterrevolution against the Muslim Brotherhood's US-backed regime, the local population is increasingly scrambling to preserve their local-denominated paper wealth by converting it into the same currency that Bernanke is hell bent to crush some by some $85 billion per month. Problem is - Egypt is out of dollars. A run on Egypt's...
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