On Dec. 19, South Korea announced plans for a new fee on bank transactions. The goal was to reduce speculation that was pushing its currency, the won, up in value. But Korean officials are wasting their time. These measures wonâ€™t be enough to stop the won from appreciating even more.
After all, we continue to see similar policies fail across the globe. World currencies are spiking as low interest rates and the widening money supply in the United States and Japan force investors to search for higher yields elsewhere.[Read more...]