[lbo-talk] One or two flawed historical analogies (was Re: Stratfor: Western Misconceptions Meet Iranian Reality)

[dredmond at efn.org]

On Tue, June 16, 2009 8:30 am, Doug Henwood wrote:


>> In fact,
>> the BRICs are sitting on 3 trillion EUR in cash reserves
>
> Almost all of which are denominated in USD.

I think the latest count is that around two-thirds of the reserves are in
USD -- the euro is smaller but creeping up, and there's some in yen, Swiss
francs, etc.

This excludes the sovereign wealth funds of the semi-periphery, which have
a slew of ownership stakes all across the world-system.

-- DRR