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Politics : Dutch Central Bank Sale Announcement Imminent? -- Ignore unavailable to you. Want to Upgrade?

To: mcg404 who wrote (18026)	4/17/2003 4:09:05 PM
From: sea_urchin	Read Replies (1) \| Respond to of 82035

John > Indonesia's state oil company, dropped a bombshell recently. It's considering dropping the U.S. dollar for the euro in its oil and gas trades... As I mentioned earlier, we are likely to see more and more of this type of thing as the nations of the world line up either behind the US or ????

To: mcg404 who wrote (18026)	4/17/2003 8:51:50 PM
From: sea_urchin	Respond to of 82035

John, to my knowledge, this is the first mention I know of that the Euro could be used as payment for oil (June 2002). Some very interesting thoughts from a very wise lady. hazelhenderson.com >>>I favor a global reserve currency regime based on the parity of the US dollar and the euro. The fundamentals in the USA and the EU suggest that the G-8 has an opportunity to peg the dollar and the euro into a trading band. This, together with the new issue of SDRs, proposed by all the IMF country members, promoted by George Soros and opposed only by the USA, would lend to more stable currency markets. More developing countries follow the lead of Venezuela and China in diversifying their currency reserves away from dollars and balanced with euros. Such a shift in dollar-euro holdings in Latin America and Asia could keep the dollar and euro close to parity. OPEC could act on some of its internal discussions and decide (after concerted buying of euros in the open market) to announce at a future meeting in Vienna that OPEC's oil will be re-denominated in euros, or even a new oil-backed currency of their own. The EU recognizes its own economic and political power as the euro rises further and becomes the world's other reserve currency. The G-8 pegs the euro and dollar into a trading band -- removing these two powerful currencies from speculators trading screens (a "win-win" for everyone!)*. Tony Blair persuades Brits of this larger reason for the UK to join the euro. The result of this scenario? The USA could no longer run its huge current account trade deficits or continue to wage open-ended global war on terrorism or evil. The USA ceases pursuing unilateralist policies. A new US administration begins to return to its multilateralist tradition, ceases its obstruction and rejoins the UN and pursues more realistic international cooperation. <<< *** A win-win situation for everyone --- except the US.