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Politics : Foreign Affairs Discussion Group -- Ignore unavailable to you. Want to Upgrade?

To: neolib who wrote (169293)	8/18/2005 1:53:33 PM
From: Sun Tzu	Read Replies (1) \| Respond to of 281500

I don't really buy the stability argument. US is not the most stable country in the world. Swiss franc, Swedish crona, even Euro are more stable. Banks will lend you money only if you are financially healthy and with good prospects for paying off your debt. Can you make the case that this is so for US? I focused on oil because before OPEC agreed to quote Oil in USD, it was not the de facto world currency. USD is riding high on an air bubble of "trust". But the fundamentals do not justify this confidence in the dollar. Various administrations have gone to great lengths to make sure no child will dare to point out the emperor has no cloths...and before Euro, there was hardly an alternative for USD anyway, although Japanese were pushing for Yen to become one when they were riding high. Anyway, read up on this a bit more and share with us what you find out. Above all, ask yourself, as a foreigner, why would you quote your trades in USD or even accept it?