[modeless]

Thanks for pointing this out. Example 2 clearly demonstrates that he doesn't understand how a currency exchange works, which is strange for someone of his professed experience.

This article is also rather obnoxiously written and there's only one substantive point in the whole thing. However, I think he probably isn't wrong in this case. "BASE bonds" are more like futures or options than bonds, and when the price falls the incentive of being paid in the falling currency probably isn't enough to attract the investment needed to maintain the peg.