The Little Book of the Shrinking Dollar: What You Can Do to Protect Your Money Now

Gold Buyers ‘R’ Us

Asia’s third-largest economy is the world’s largest consumer of precious metal. India loves gold. They own nearly $1 trillion of the stuff. That’s equivalent to half of India’s nominal GDP (in dollar terms).

And as the rupee weakens, you can bet they’ll keep buying. Peak time is between October through January—the wedding season. But this is a bigger story than glamorous nuptial necklaces. They’re importing so much gold that they’re in danger of growing their current account deficit beyond the breaking point. That’s because they import 92 percent of what they buy.

At present 8 percent of Indians’ savings is locked into gold, which is usually passed on for generations.

Perhaps the biggest citizen’s case of safe haven Asian buyers is Vietnam.

My man on the scene, “Capital & Crisis” editor Chris Mayer, got the scoop while staying in the Sofitel Metropole, one of the world’s great hotels, while wrapping up his own book, World Right Side Up.

“Among all the teak wood and ceiling fans and posh service,” he writes, “you can drift back and imagine the golden age of travel.” You can even take that nostalgia for a drive (if you have the cash), as a pair of classic 1956 Citroëns stand out front ready to deliver.

That’s the surface of the situation, anyways. By the poolside bar, Chris met with a contact in Hanoi. “Welcome to Vietnam,” he said. “Your timing is no good.”

The contact (whose name is withheld at his request) is close to the prime minister and others of political ...