> Today's FT says the intervention's been in the works for a while.
Some analyst with Deutsche Bank, I forget who exactly, said that the ECB has a cache of excess dollar reserves, the legacy of its constituent national central banks, and could unload these at a huge profit (they were booked at 1999 rates of 1.1 US$ per EUR) whenever it wanted, and it seems to want to do so right now. Not two years after Red Oskar was thrown out of office for daring to call for restabilizing yen-euro-dollar exchange rates, our global elites are doing just that.
-- Dennis