[lbo-talk] criminals prefer euros...

[tfast]

There are a growing number of analysts on the right and left who seem to be
working overtime to turn every vice of empire into its opposite.  Iwould
expand but I have a conflict of interest.
____________________________________
Travis W Fast


>
> 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
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