Word: krone
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Dates: during 2000-2009
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...look around, and smart investors think they've discovered a new harbor to protect them from the choppy economic seas. "The best safe haven currency," analysts at banking giant HSBC wrote in a research note this month, is Norway's. According to HSBC's reading, right now the Norwegian krone is "probably the best currency in the world...
...That's quite some claim. Currently at its strongest against the dollar and euro since last fall, the krone is set for a "sustained appreciation" over the next year and a half, according to HSBC. The main reason: Norway's budget and current-account surpluses are the biggest among nations with the 10 most traded currencies. Factor in the country's $350 billion sovereign wealth fund pumped full of the country's oil revenues, and the cost of insuring against government default in Norway - a key measure of a currency's safety - is the lowest of those countries. With Norway...
...krone's strengths also reflect the current weaknesses of rival currencies. The yen and the Swiss franc had been doing pretty well amid the chaos. The Japanese currency, for instance, rose more than a fifth against the dollar in the last four months of 2008, as previously big-spending investors cashed in risky assets overseas and brought their earnings home. But that's changing. Japan's economy is in freefall. In its latest assessment of the global economy published March 19, the International Monetary Fund forecast the country's output shrinking by 5.8% this year, much more than...
...while the krone looks attractive in comparison, it's worth remembering that "at the moment, the currency markets are an ugly contest," says Thomas. "Pretty much everywhere looks not great." Moreover, he says, while Switzerland boasts a powerful banking sector with experience of taking in floods of cash, "Norway doesn't have that financial infrastructure. And there's no bond market to speak of." That means that while "it's a nice currency to be invested in, from a practical perspective, of someone who has a huge pot of money and wants a safe haven, they just couldn...
...grow ever more exasperated. “It’s important to exit on a high note,” Kasper says. If only Høeg had followed his advice rather than leaving us hoping for the end 100 pages before it actually comes. Circus-clown Kasper Krone provides Høeg with a highly entertaining protagonist as he performs stunt after stunt after stunt—even with his skull cracked open and a bullet wound clear through his midriff. But the novel is overly centered around him and preoccupied with proving to us just how cool...