We’re still going for gold
One of my between-jobs, hedge-fund-manager friends is just off for a week or two lounging around in Kenya. I asked him what currency he was taking with him. His answer? He had been planning to take a wallet full of dollars, just as he usually does when he goes off to what he considers to be the third world. Then he asked the friends he is staying with for their view. Get Kenyan shillings, they said. Shopkeepers, taxi drivers and bar owners won’t take dollars, pounds or even euros any more: they are all considered to be both “too weak and too volatile”. How’s that for a sign of the times? We’d prefer shillings, too. But over even these we’d still prefer gold.
Read the full editor’s letter here: We’re still going for gold