The same IMF paper identifies 208 currency crises in which the currency fell more than 30% with a 10% acceleration over the prior year. That depreciation presumably was against the dollar or other related major currency benchmark. This is gold-plated proof of the fundamental flaws in the system of fiat currencies. Now, if we use gold as the benchmark, as I think we should, then we can see that every currency in the world is in crisis, using their definition! We are witnessing a joint systemic and worldwide banking crisis and a currency crisis. This has now notched up from … Continue reading 208 Currency Crises — Actually Even More