Re: <nettime> The Oil Thickens...

[chris mann <chrisman@rcn.com>]

on 10/20/03 12:44 PM, Brian Holmes at brian.holmes@wanadoo.fr wrote:
 
> codependent sharing of the dominant reserve currency role. A strong
> euro might ultimately attract England (and its North Sea oil) fully
> into the Euroland. A reorganization which, by giving Euroland a major
> financial center, could decisively change the balance of economic
> power in the world.
>

wasn't the iraq adventure (also) about keeping britain out of the euro?
'london stays where it is' was the argument that blair accepted for signing
up for a romp in the desert. and what do the russians do with their pile of
dollars? take the hit? unlikely. particularly seeing half of them are free,
ie counterfeit. the alternative is they use it as an expensive laundering
operation, but the eu would have to pay substantial premiums to make that at
all interesting and from here, while possible, that doesn't look likely.   

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