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Remember, it is possible for a medium sized shadow bank, hedge fund or venture capitalist to totally game a small currency like the punt - and almost impossible for an Irish central bank to counter such relatively large scale manipulation.
Remember, it is always possible for a sovereign central bank to accumulate enough foreign reserves (by "printing money") to cover its domestic economy's gross foreign currency liabilities, ensuring financial stability. Can you describe what you mean by "totally game the currency" and why it would matter?

In the Neurozone, there can be only one.
by Migeru (migeru at eurotrib dot com) on Tue Sep 24th, 2013 at 04:44:43 AM EST
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