Re: article on oil & dollars

[Julio Huato <juliohuato@xxxxxxxxx>]

John Exdell <jbex@xxxxxxx> wrote:

> The first war created a serious crisis for Britain, and the second finished
> off the empire.  But it's important to note that the U.S. bankrolled the
> British-French war effort in 1914-18.  Even at that point Britain was in a
> state of serious relative decline and a new world master had made an
> entrance on the stage.  There are some interesting parallels with the UK
> then and U.S. reliance on foreign credit now.  That may be Julio's point.

I was thinking of a graph I once saw on a paper by, if I remember
correctly, Alan Blinder in the American Economic Review in the mid
1990s.  A quick google search should be able to turn out the exact
reference.  If my memory is any good, the graph showed that the share
of the British pound in international transactions had declined rather
gently over a long period of time.

Julio