Word: ringgits
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...currency speculators, having knocked off Asia's weaklings, such as the Thai baht and the Malaysian ringgit, are now taking on the region's Godzillas: the Japanese yen, the Hong Kong dollar and the Chinese renminbi. The three are relatively stable, buttressed by huge economies and, in the case of the renminbi and the HKD, by solid "pegs" to the U.S. dollar that the Chinese government has pledged to defend--even at tremendous national cost...
...crisis has been made worse by the flailing, amateurish response of some of the affected leaders. As Malaysia's currency, the ringgit, and its stock market plummeted, mercurial Prime Minister Mahathir Mohamad implied that international financier George Soros and his ilk were responsible. He then trotted out a familiar, repellent accusation, blaming Jewish speculators who he contended were out to squash the economy of a Muslim country. His proposals to restrict currency trading and otherwise punish foreign investors quickly scared away new investment and called into question the future of what has been one of the world's great economic...