On Sep 29, 2006, at 2:05 AM, joanna wrote:
> Last week, during an interview on CNBC, Dennis Gartman, editor of
> the highly regarded Gartman Letter, asserted that the storage
> currency of choice among drug traffickers, arms dealers, and the
> Russian Mafia had switched from $100 dollar US bills to ¬500 Euro
> notes. Gartman proclaimed the development to be bullish for the
> U.S. economy and bearish for the Euro zone. Say what?
Ha. The loons (Hausmann & Sturzenegger <http://www.cid.harvard.edu/ cidpublications/darkmatter_051130.pdf>, <http://www.cid.harvard.edu/ cidwp/pdf/124.pdf>) who argue that the US current account deficit doesn't matter becuase export not-conventionally-measurable gobs of "dark matter" include the free loan implied by foreign holding of US currency in that preposterous category. Guess they'll have to amend that.
Doug