Bill says the whole (too long) report is nonsense.
I mostly agree, BUT with a caveat.
If switching to petro Euros has no affect on foreign investment
into the US, then I'd agree the report is useless.
However, if the switch to Euros, or the war in Iraq, or
a feeling that US assets are overpriced,
On Tue, Feb 11, 2003 at 10:34:40PM -0500, William Dickens wrote:
Should OPEC set oil prices in Euros and hold their cash reserves in
Euros what would be the real consequences for the US? 1. A tiny increase
in risk wrt oil prices (we know its tiny because the cost of currency
hedging is
Utter and complete nonsense. The reason the press doesn't discuss the
issue is because it is a non-issue. The only necessary harm done to the
US by the Euro becoming the world's primary reserve currency (or sharing
the status with the Euro) is a loss of a few hundred million in revenue
for the
