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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (69882)10/3/2007 1:26:01 AM
From: mishedlo  Read Replies (1) | Respond to of 116555
 
I might add that both Japan and China keep dollars for another reason: To suppress the price of their respective currencies and keep their export machines alive and humming.

Oil does not remotely fit into that equation.

Mish



To: mishedlo who wrote (69882)10/3/2007 1:34:09 AM
From: sea_biscuit  Read Replies (2) | Respond to of 116555
 
For those willing to accept currency fluctuations, there is no explicit need for anyone to hold dollars.

Yes. And that is why India holds dollars - because it does not want to deal with currency fluctuations. Trust me, I met a gentleman from India's central bank (they call it the Reserve Bank) who explained to me why India has to hoard dollars. If oil is priced in euros, India will hoard Euros.


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