Re: Putin: Russia to price oil in Euros

["dmschanoes" <dmschanoes@xxxxxxxxxxxxx>]

In the net of their foreign reserve accounts, since  developing countries
have dollars as most of  their hard currency reserves, the depreciation of
the dollar vs the Euro over the past 18 months will be an effective
devaluation of the purchasing power vis-a-vis oil.

Continued appreciation of the Euro, something I think the US wants, will
continue this process.

The above is contingent, I agree, on the notion that support of the dollar
has been achieved in part by its role as the "oil currency."

In theory, I think you are right.  In fact you might be right in practice.
Hate to admit it, but it's a definite possibility, have to see how it shakes
out, if it happens.


dms




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