Wednesday, January 7, 2015

Dong Devalued

Vietnam has once again devalued the dong. Second time in seven months. Really. It would seem to me that a Vietnamese dong would have some value. According to sources you can get 21,458 Vietnamese dongs for a dollar. Why? Who could possibly need that many dongs? I have one and it is worth more than a dollar. If the price of Vietnamese dong is based on size those must be some really tiny dongs. The claim is that it was done to control inflation. If those dongs are that tiny how much could they possibly inflate? They are trying to push up economic growth. Really, try bigger dongs. Maybe size does matter. The move is "in accordance with the developments of the domestic and international markets, creating a solid stability for the forex market." What the fuck. There is an international dong market. I do understand that the Vietnamese would want "solid stability" for their dongs. What is a forex market? I certainly don't know. The government of Vietnam claimed the dong devaluation with help keep their thriving exports, mainly smartphones and other electronics, competitive with other regional rivals. Apparently in southeast Asia there is a booming trade of dongs for electronic equipment. Maybe they should think about sexting pictures instead of actually trading dongs. Seems kind of sexist to me. How do women get cellphones or electronics? Economist Vu Dinh Anh from the Econimic Finance Institute told AFP (whatever that is) that the dong had come under mounting pressure on foreign exchange markets in the past year. Why is mounting pressure on Vietnamese dongs a problem? There is a foreign exchange market for dongs? I am so confused.

Wait, wait. I got it the dong is the Vietnamese currency. Never mind. Dong crisis averted.

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