Henry C.K. Liu wrote, >Tom Walker wrote: > >> Although the anomaly is much less bizarre if you consider the role the U.S. >> dollar as reserve currency has played in permitting an even more anomalous >> balance of payments deficit. In its function as "borrower of last resort", >> the U.S. can appear as a kind of cornucopia in reverse. >> > >That is why the introduction of the euro as a second reserves currency is very >significant. I agree. But I would expect it would take quite some time -- several years -- for the effect to play itself out. Tom Walker http://www.vcn.bc.ca/timework/
