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 (62241)	1/18/2007 11:43:49 AM
From: mishedlo	Read Replies (1) of 116555

There are many who would disagree with your assertion that oil is already sold in Euros or Yen today. Euros or Yen have to be converted to US dollars, which is the only accepted currency for oil transactions. How do you know what is accepted or not? If Saudi Arabia wants to maintain reserves in YEN why not just trade some oil for Yen. I can not prove that is happening and you can not disprove it. But it is irrelevant anyway. The conversion from Yen to dollars to buy oil and then from Saudi Arabia from dollars back to Yen all takes place in less than a second. It is essentially meaningless. "Iran pricing oil in Euros" resulted in 1.4 million references using Google search. All of that a clear waste of time by my simple example above. Mish

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