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Pastimes : A Jackass, his PAL(indrome), and GOLD -- Ignore unavailable to you. Want to Upgrade?

To: pogbull who wrote (1102)	3/31/2003 10:35:08 AM
From: Jim Willie CB	Respond to of 1210

methinks 4-yr commod cycle will be much longer this time /jw

To: pogbull who wrote (1102)	3/31/2003 3:11:31 PM
From: Jim Willie CB	Read Replies (2) \| Respond to of 1210

When will we buy oil in euros? When it comes to the global oil trade, the dollar reigns supreme. But it has a challenger, writes Faisal Islam Sunday February 23, 2003 The Observer Whether the price of oil is surging to new highs, as it is today, or slumping, as is predicted after a war in Iraq, there is one enduring constant: the dollar sign. Oil trading, whether from Norway to the Netherlands, Britain to Bermuda, or Bahrain to Bangladesh, operates through the US greenback. The oil-dollar nexus is one of the foundations of the world economy that inevitably filters through to geopolitics. Recycling so-called petrodollars, the proceeds of these high oil prices, has helped the United States run its colossal trade deficits. But the past year has seen the quiet emergence of the 'petroeuro'. Effectively, the normal standards of economics have not applied to the US, because of the international role of the dollar. Some $3 trillion (£1,880 billion) are in circulation around the world helping the US to run virtually permanent trade deficits. Two-thirds of world trade is dollar-denominated. Two-thirds of central banks' official foreign exchange reserves are also dollar-denominated. full article: observer.co.uk frightening, scarey stuff expect Arab-led Petro-Euros to come before 2005 maybe before 2004 the marketplace forces dictate it international resentment of USA might quicken it / jim