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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Earlie who wrote (35534)	8/18/2005 10:56:00 AM
From: mishedlo	Read Replies (3) of 116555

Date: Thu Aug 18 2005 10:35 trotsky (Bleuler, 6:59) ID#248269: Copyright © 2002 trotsky/Kitco Inc. All rights reserved oh well, finally someone notices. the most important effect of China's move toward a currency basket is that it spells the beginning of the end of the so-called 'dollar hegemony'. some have argued that in spite of the 'reserve currency' issuer being the most indebted nation on earth, the fact that it is the world's strongest military power will keep dollar hegemony intact. unfortunately for that theory, the mighty military machine looks like it's been fought to a standstill by a rag-tag guerilla in the Iraqi desert. the reasons to hold dollars as a 'reserve' become fewer and fewer...also, one day the world will probably re-learn an old lesson the hard way: fiat money isn't a 'reserve' - it's merely a promise, and one that can't be kept.

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