Fresh-faced monetary reporters are swiftly disabused of the concept there are “protected havens” in monetary markets. With one eye on the phrase depend, a grizzled sub-editor will lower the extraneous phrase and growl “all havens are protected”. Property that retain their worth throughout a market downturn—gold, the Swiss franc, the Japanese yen—must be recognized by the one-word moniker “havens”. As such, the sub-editor will insist, “protected havens” don’t have any place in newspaper copy.
