One need not be an economist to figure out that, while all currencies can (and do) depreciate against something else (like gold, land, and other real assets), by definition they cannot all weaken against each other. In order for some currencies to depreciate, others must appreciate.

Of course, not all currencies can depreciate against one another at the same time. But the current wave of efforts, despite being far from optimal, can persist for a while, so long as at least two conditions are met.

This is the craft that was going on, but there are a few collectors who also collect art which can depreciate.

The value of some implementation issues for the purpose of the overall Doha negotiations continues to depreciate as time elapses and substantive negotiations progress.

In addition, the procedures for fixing and reviewing wages with the involvement of the production sectors are designed to ensure that wages do not depreciate.

Different groups of assets, such as communications equipment, vehicles, electronic data processing equipment etcetera, depreciate at different rates based on the average useful life of the item.

Even if one accepts that it is possible to identify currency manipulation, China no longer qualifies. Under recent conditions, if China allowed the renminbi to float freely, without intervention, it would be more likely to depreciate than rise against the dollar, making it harder for US producers to compete in international markets.

Not surprisingly, China accuses it of deliberately aiming to depreciate the dollar. But the resulting increase in US exports at the expense of Chinese, Japanese, and European producers is precisely the purpose.

With the price level falling and the population aging, the Japanese consider the real return attractive. As long as US banks can borrow at near zero and buy government bonds without having to commit equity, and the dollar does not depreciate against the renminbi, interest rates on US government bonds may well be heading in the same direction.

Moreover, the US Federal Reserve is targeting a 4 annual inflation rate. This alone means that under normal circumstances the purchasing power of China s foreign exchange reserves will automatically depreciate by 4 each year.

The risk is that those countries that suffer from the switch retaliate and depreciate their own currencies. That could easily trigger a return to the much feared competitive depreciations that contributed to the Great Depression.

These countries, too, are facing a recession, and, while the interest rate has not yet reached its zero bound everywhere, incentives to depreciate might grow in the near future. In fact, the incentives are already there.

So why, if China was still running a decent current account surplus and a long term capital surplus, did the RMB suddenly depreciate, forcing the PBoC to intervene (though not very vigorously) to prevent it from falling further?

And yet negative bonds yields are also occurring in countries and regions where the currency is depreciating and likely to depreciate further, including Germany, other parts of the eurozone core, and Japan. So, why are investors holding such assets?

If exchange rates cannot depreciate, wages and prices need to fall when a country has an unsustainable current account deficit. But, as peripheral Europe can now attest, this is a cumbersome, painful, and politically unpopular form of economic adjustment.

Next, suppose that the price of the natural resource that is the country s largest export suddenly dips sharply (as has happened recently). The exchange rate (both nominal and real) will depreciate accordingly, thereby setting in motion the standard, textbook adjustment process.

Chinese policymakers should bear in mind that the value of the yuan is only one among many factors that affects the competitiveness of China s economy. After all, a currency can appreciate while an economy is sluggish, or depreciate despite robust growth.

This partly reflects borrowing cost differentials. If the local interest rate is 17 per year and the dollar interest rate is 2 , it still makes sense to borrow in dollars as long as the domestic currency is expected to depreciate 15 or less.

If there are large dollar debts outstanding, and many firms find themselves in the same position, the additional demand for dollars will cause the exchange rate to depreciate even further. And that, of course, causes the dollar value of the collateral to fall yet again.

Governments lack a national currency to depreciate, and lack the power to relax credit, having delegated monetary policy to the European Central Bank. As unemployment again rises to catastrophic heights, they will have no alternative, it is said, but to abandon the euro unilaterally.

The value of assets held by a mission will depreciate over the period of their usage, resulting in a residual value which is calculated on the basis of United Nations depreciation scales, generally based on a reduction in value by a specific percentage per year.

quot (e) Should the new local currency unit depreciate against the United States dollar by 50 per cent or more from its value on the date of introduction, beneficiaries covered by the special measure may exercise an option, within two years as from the date of implementation of the special measure, 1 January 1997, to withdraw their proof of residence and to have their pension benefits paid thereafter solely on the United States dollar track.

QE raises equity prices lowers long term interest rates causes currencies to depreciate and eases credit crunches, even when interest rates are near zero. The ECB and the BOJ did not suffer from a lack of reflationary tools they suffered from a lack of suitable action.

In the face of large and growing external imbalances, the Central Bank of Egypt (CBE) chose to defend the Egyptian pound during last year s political and economic turmoil. The CBE allowed the exchange rate, which is formally defined as a managed float, to depreciate by only 3 .

If these countries lack the political consensus they need to pull this off, they should in their own interest consider leaving the eurozone temporarily to depreciate their currencies. The banking system would not survive this without help, so the EU s bailout activities should be refocused accordingly.

Unlike the US dollar, there is no obvious way to put pressure on the European Central Bank to depreciate the currency in order to obtain a competitive advantage over other economies. European governments are not in a position to instruct the ECB to purchase government bonds.

Spoken against violence, against incidents.

Reintroducing the national currency in order to depreciate it, but leaving the euro value of other financial instruments untouched, would destroy balance sheets and wreak financial havoc. The alternative converting those other instruments into the new national currency would tie up the offending country in litigation for years.

The French economy, in turn, is suffering because its customers in southern Europe are in trouble. According to a study by Goldman Sachs, France would have to depreciate by around 20 relative to the eurozone average, and by about 35 vis à vis Germany, to restore external debt sustainability.

I talk against violence, against terrorism.

Abundant capital inflows caused their exchange rates to appreciate, making imports cheap and unleashing consumption (and sometimes investment) booms that eroded their trade balances, even as rising commodity prices boosted the value of their exports. Now the cycle is being reversed and exchange rates must depreciate to facilitate external adjustment.

A resentment against the press. Against outsiders.

For we wrestle not against flesh and blood, but against principalities, against powers, against the rulers of the darkness of this world, against spiritual wickedness in high places.

For we wrestle not against flesh and blood, but against principalities, against powers, against the rulers of the darkness of this world, against spiritual wickedness in high places.

They will be divided, father against son, and son against father mother against daughter, and daughter against her mother mother in law against her daughter in law, and daughter in law against her mother in law.

They will be divided, father against son, and son against father mother against daughter, and daughter against her mother mother in law against her daughter in law, and daughter in law against her mother in law.

I will stir up the Egyptians against the Egyptians, and they will fight everyone against his brother, and everyone against his neighbor city against city, and kingdom against kingdom.

I will stir up the Egyptians against the Egyptians, and they will fight everyone against his brother, and everyone against his neighbor city against city, and kingdom against kingdom.

I justified your behaviours,... ..I defended you against your mother, against your cousin, against everybody !

and lay siege against it, and build forts against it, and cast up a mound against it set camps also against it, and plant battering rams against it all around.

and lay siege against it, and build forts against it, and cast up a mound against it set camps also against it, and plant battering rams against it all around.

And I will set the Egyptians against the Egyptians and they shall fight every one against his brother, and every one against his neighbour city against city, and kingdom against kingdom.

And lay siege against it, and build a fort against it, and cast a mount against it set the camp also against it, and set battering rams against it round about.

And I will set the Egyptians against the Egyptians and they shall fight every one against his brother, and every one against his neighbour city against city, and kingdom against kingdom.

And lay siege against it, and build a fort against it, and cast a mount against it set the camp also against it, and set battering rams against it round about.