Memories of a Reserve Currency Collapse

loading Mobs attempting to overturn a bus.

If the history of global capitalism is anything to go by, massive social unrest can be only one financial event away.

As the ringgit tests multi-year lows and I hear people talk about the coming collapse of the US dollar as the world’s reserve currency, I look back to my time in Penang in 1967 when I witnessed first hand the severe social consequences that a sudden collapse in a reserve currency can bring.

Malaysia in November 1967 was just about four years old – though it had existed as independent “Malaya” since 1957. The country had a currency board system with the Malaysian dollar backed by the British pound sterling which then was in widespread use in former British colonies.


To read the rest of the article and to access our e-Archive, subscribe to us for RM150 a year.



Related Articles

CARPE DIEM
Nov 2017

A Brave New World for the Talented is at Hand

We are living in the age of ideas, and the age of possibilities.

FEATURE
Nov 2017

Saluting Our Warriors

Saluting Our Warriors Penang's veterans association remembers the services of those who kept the peace.

WINDOW INTO HISTORY
Sep 2017

Women Against the Flow

Removing those rose-tinted colonial glasses reveals a harsh era for women.