On Jun 16, 2009, at 3:28 PM, dredmond at efn.org wrote:
> 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.
The point is that for all your touting of the euro's rise and the dollar's decline, there's still no plausible rival to the dollar as a reserve currency or the U.S. as a political power.
Doug