Re: Oil Slick Stuff
No one else wants to be the reserve currency. Not much choice - there are only so many Swiss Francs out there (and their currency is going nuts). Anyone want Euros? Yen? The good thing is China is beginning to allow purchases of the Yuan, much to my surprise - but that's not the same as making the Yuan a reserve currency. The Yuan doesn't have a long enough track record for that to happen. Should we price currencies in SDRs? Only economists care about SDRs. And Middle Eastern countries may be rich, but I don't want to base my currency on any of the choices there.
Petroleum products in Europe are highly taxed. Plus, they are beholden to Russia for Natural Gas - not where you want to be.
"All the prophets of Doom, Can always find room, In a world full of worry and fear..." - Protest Song, Monty Python
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