Instead they seek to protect their money from the devaluation through investment in hard, commoditized assets least vulnerable to devaluation.

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In this scenario, fixed income assets tend to suffer while inflation-hedging assets benefit from the currency devaluation.

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But the numbers were complicated by a dizzying array of accounting gains and losses for tax credits and devaluation of European assets.

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German banks and companies, in a mirror image of what would happen in Greece, would suffer from the sudden devaluation of euro assets outside the new hard-currency zone.

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Certainly, it would have been spared a shocking devaluation of its national assets, and probably it would have been prevented from putting up capital controls.

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For a start, the devaluation of the rouble has created a huge mismatch between assets (such as they are), mostly in roubles, and liabilities, which are often dollar-denominated.

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Without it, foreign investors, however attracted they may be by the cheap prices devaluation has brought, will wait, knowing that next week assets will be cheaper still.

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The devaluation of the major currencies is also a bullish underlying factor for hard assets in the investment world, including gold and silver.

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