Memories of a Reserve Currency Collapse

By N. Balakrishnan

July 2016 FEATURE
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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...

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N. Balakrishnan

is an entrepreneur with diverse interests who has been based in Hong Kong for more than 20 years. He grew up in Penang and attended Penang Free School. More information about him can be found at