alpha24seven

Only Gold Can Replace the Greenback As the World's Reserve Currency

Nicely done. Currently presented along the same lines is this nonsense that oil will move from dollar denomination to Euro denomination. Because the Euro currently trades at near 1.50 to the dollar, this allows the EU zone to be buying oil at a steep discount. Some argue the reason that oil is this expensive in the first place is because of US dollar policy. Maybe so, but if oil were to reprice in Euros, the immediate shock would be a near 50% one day increase in oil in the EU and this would savage their economy.

Oil will not be denominated in Euros any time soon.