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Re: Andre Gunder Frank article

Andre Gunder Frank wrote:

Iraqi oil is again being priced in US dollars and no longer in Euros
as under the dreadful Saddam Hussein.


Not exactly. You could argue that the sharp rise in oil prices is a
reflection of dollar weakness. Since the December 2001 low, oil is up
about 106% in dollar terms, 83% in yen, and just 53% in euros. And
since the U.S. is much less energy-efficient than the other two
zones, the economic impact is greater. It wasn't supposed to turn out
this way, was it?

Doug

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