"Iran announced late last month that its foreign currency reserves would henceforth be held in euros rather than dollars. Bankers remember, of course, what happened to the last Middle East oil producer to sell its oil in euros rather than dollars. A few months after Saddam Hussein trumpeted his decision, the Americans and British invaded Iraq."
Thursday, October 8, 2009
Journalist Robert Fisk on the demise of the dollar, talks about recent negotiation regarding oil-for-Euros or oil-for-Yuans. But some missed his last paragraph:
Posted by Mother of All Carry Trades at 1:26 AM