The Tale of Two Economies

By Chan Huan Chiang

February 2012 UTTER ECONOMICS
main image
Advertisement
Fiat moneyWelcome to the world of derivatives where nothing is worth a lot!In the old days, money had its equivalent value in gold – the value of an ounce was US$35 – as agreed upon under the international monetary order created in 1944 at Bretton Woods in New Hampshire. All other currencies were convertible to the US$ at a fixed rate and in turn convertible to gold (the actual gold was stored at Fort Knox in Kentucky; in the 1964...

Subscribe to our e-archive to read our older articles.

Subscribe Now
PM
Chan Huan Chiang

is a senior research fellow at the Penang Institute.

Previous Article Back to Issue Next Article
Advertisement

Trending Now

A Red-light District Worthy of a Vibrant Port

Anecdotal Accounts of Chinese Women Migrants to Southeast Asia

The Japanese Conquest of Penang: Part One

The British-Siamese Boundary Stone: A Momentous Relic in Seberang Perai

A Brief History of 123 Macalister

Subscribe today to access over 2,000 articles in our e-Archive for RM150 a year, and get the 2nd year free.
Support Us

As Penang Monthly continues to evolve, we aim to deliver better quality reads. At present, our three current issues are free for public access. But we need your financial support as we endeavour to be the voice of Penang and an inspiring read for the curious Malaysian.

Every RM100 contribution from individuals (or RM1,000 for corporations) will be entitled to tax exemption receipt.
`