NZ dollar and RBNZ watch; Police vs pro-democracy protesters in HK; Bill Gross leaves Pimco; Restrictions on UK banks' mortgage lending come into force

Interesting that the author failed to note the underlying causes of the dilemma described and the inevitable transition to irredeemable fiat base money;

After the Second World War, a system similar to a gold standard and sometimes described as a "gold exchange standard" was established by the Bretton Woods Agreements. Under this system, many countries fixed their exchange rates relative to the U.S. dollar and central banks could exchange dollar holdings into gold at the official exchange rate of $35 per ounce; this option was not available to firms or individuals. All currencies pegged to the dollar thereby had a fixed value in terms of gold.^[5]

Starting in the 1959-1969 administration of President Charles de Gaulle and continuing until 1970, France reduced its dollar reserves, exchanging them for gold at the official exchange rate, reducing US economic influence. This, along with the fiscal strain of federal expenditures for the Vietnam War and persistent balance of payments deficits, led US President Richard Nixon to end international convertibility of the dollar to gold on August 15, 1971 (the "Nixon Shock").

This was meant to be a temporary measure with the gold price of the dollar and the official rate of exchanges remaining constant. Revaluing currencies was the main purpose of this plan. No official revaluation or redemption occurred. The dollar subsequently floated. In December 1971, the “Smithsonian Agreement” was reached. In this agreement, the dollar was devalued from $35 per troy ounce of gold to $38. Other countries' currencies appreciated. This was the official price of the dollar, and policies to maintain its value relative to other currencies. However, gold convertibility did not resume. In October 1973, the price was raised to $42.22. Once again, the devaluation was insufficient. Within two weeks of the second devaluation the dollar was left to float. The $42.22 par value was made official in September 1973, long after it had been abandoned in practice. In October 1976, the government officially changed the definition of the dollar; references to gold were removed from statutes. From this point, the international monetary system was made of pure fiat money. Read article

... he brought a tonne of money into NZ , from outside ... at no cost to our infrastructure .... one mighty mega advantage ...

And he poured even more money into some of those properties ... creating jobs , and increasing productivity there ... another enhancement to the NZ economy ...

... we should give that chap a knighthood , or erect a statue in his honour , at the very least  ... meebee he'll give Laila Harre a job... she needs a new sugar-daddy ...

Remember Nick Leeson the Singapore based trader who single-handedly destroyed Barings Bank

A myth that deserves amplification - I was highly connnected with the SIMEX, due to my London job description, at the time Barings Bank placed it self at the mercy of the big four Japanese broking cum investment houses. 

Throughout this debacle it was Barings' chairman, Peter Baring, and only him,  who wrote the doubling down margin checks to the Singapore futures exchange that finally bankrupted the family firm.