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

To: Jim Willie CB who wrote (1107)	4/1/2003 11:43:25 AM
From: philv	Read Replies (2) \| Respond to of 1210

A switch to the Euro will not be without enormous conflict. The advantages gained by being the reserve currency is hard to quantify, but it is very considerable. The US is able to print trillions of dollars, dollars which never come home, but slosh around the world to settle accounts. And, all these entities do whatever they can to support this arrangement and value. I would expect the US to take on the Euro by spiking up the short term rates to protect its position. Regardless of any other consideration. This is inflationary of course, but they won't have a choice. Could get very interesting. This latest disagreement with "old Europe", may well act as a catalyst to kick off such an event. It would also pit the ECB against the FED in open warfare, and the fallout in monetary and political events would be huge. Phil