This just in from the UK's Spectator (Hollinger property/Daily Telegraph): a good primer on the Euro/Russian machinations currently in play against the US.
I buy the hypothesis but wonder if the Europeans would call off the assault over the body of the Republican party or complete the geostrategic endgame.
Teasers from the article:
"The lengths to which the eurozone will go to supplant the dollar can be seen in reports, last week, that Russia is considering selling its oil in euros rather than dollars".
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"The idea came from France and Germany and its aim is to undermine the dollar. The fact that oil and other commodities are priced in dollars underpins America's role as a global reserve currency and by extension its economic supremacy"
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"The plotters do not believe this [a market crash] will happen, says one well-placed City economist. Faced with the prospect of a collapse in the dollar, they believe the US will come to the negotiating table, just as they did with the Louvre Accord in 1986, the last time there was a collapse in the dollar. The result will be a new, pegged exchange rate system that will prevent the dollar-euro exchange rate from falling too far. Instead, the US will be forced to unwind its imbalances by raising interest rates and cutting spending. According to this European dream, America will have to scale back its overseas adventures and to share global leadership with the EU"
Full url:
http://www.spectator.co.uk/article.php3?table=old§ion=current&issue=2003-10-18&id=36
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