"Riot police are out in force in Yangon as the country's worst financial crisis continues to spiral out of control even as the central bank pulls out all the stops to stem a bank run. The heightened security measures followed a massive run on local banks on Feb 6, sparked by the collapse of several non-banking financial companies."
"The government panicked and rushed to print money, which exacerbated the situation by sapping confidence in the kyat. It is believed that 19 trucks carried newly printed 1,000 kyat notes from Wazi, in central Myanmar where the government prints its notes, to Yangon."
'Wazi' is probably a typo. I believe they meant "newly printed 1,000-kyat notes from the Wazoo."
Burma shave
It happened in Yugoslavia; it happened in Argentina; now it's going down in Burma. This is the eventual fate of every fiat currency. In the long run (to paraphrase Mr Keynes) they are all dead.
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Fiat Currency Follies another dry run in Burma
#1
Posted 22 February 2003 - 06:59 PM
"GOLD -- it's not just for misers anymore."
"Dollahs -- fire-starters for the K-wave winter." - Drano
"Three humps and a dump." - anotherone, 21 SEP 2004
"No gold was harmed in the making of this movie." - Bizarro Greenspan
[i]"Da Track. Da place where Morons bet on Animals Controlled by Criminals." - our jickiss
"Dollahs -- fire-starters for the K-wave winter." - Drano
"Three humps and a dump." - anotherone, 21 SEP 2004
"No gold was harmed in the making of this movie." - Bizarro Greenspan
[i]"Da Track. Da place where Morons bet on Animals Controlled by Criminals." - our jickiss
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