[PEN-L:2043] Re: re: Global Depression

["Henry C.K. Liu" <hliu@xxxxxxxxxxxxxx>]

Tom Walker wrote:

> Although the anomaly is much less bizarre if you consider the role the U.S.
> dollar as reserve currency has played in permitting an even more anomalous
> balance of payments deficit. In its function as "borrower of last resort",
> the U.S. can appear as a kind of cornucopia in reverse.
>

That is why the introduction of the euro as a second reserves currency is very
significant.

Henry C.K. Liu