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: Claude Cormier who wrote (69868)	10/3/2007 12:16:08 AM
From: mishedlo	Read Replies (4) of 116555

Euros can be exchanged IMMEDIATELY (in less than a second)for Yen, Dollars, or pounds. It makes ABSOLUTELY NO DIFFERENCE whether this conversion takes place one second before oil is purchased or one second after oil is purchased. I defy you to tell me how 1 second makes any difference. If Kuwait demands payment in euros, dollar holders convert to euros 1 second before thy buy. If Kuwait accepts payments in anything (quite likely actually) but wants to hold Euros it converts anything to Euros 1 second after receiving payment in whatever. If someone can refute this argument please do so. No one has been able to do so yet. Pricing unit is totally and completely irrelevant. Mish.

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