A curious collision of geography, history and reading matter occurred on August 1. I was on the way to Bretton Woods in the mountains of New Hampshire reading the Financial Times. A report said that, after a poor 2005, many currency hedge funds were faring equally badly in 2006. It concluded: “A second year of losses could erode the post-Millennium consensus that currency is an asset class in its own right.”
The collapse of the Bretton Woods agreement in 1973 marked the end of fixed exchange rates.
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