Mish's Global Economic Trend Analysis Message Board

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

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To: philv who wrote (37287)	9/15/2005 3:50:46 PM
From: mishedlo	Read Replies (1) of 116555

No doubt in my mind that the requirement by the world to hold US dollars to do business has benefitted the dollar greatly. No doubt in my mind that you are wrong. Their problem had NOTHING to do with US dollars but their own currency spiraling out of control. (ANY hard currency would have suited their purposes, swiss franks, euros, the pound) and the situation would not have changed one iota if oil was priced in pounds or euros. Their currency plunging fell against EVERY other currency. No one is "forced" to hold dollars. Not then, not now. Saudi Arabia can change all of its reserves to Euros tomorrow if they want. So can China. It is not is their best interest to do so NO MATTER WHAT OIL IS PRICED IN. That is what is stopping them, and a decision to price oil in Euros will not force ANYONE to hold Euros either. It staggers me that people can not see this. Mish

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