Sunday, December 30, 2007

Euro as Reserve Currency

The FT reports that the euro made substantial gains against the dollar as a reserve currency over the past year. The long-term implications are significant--but in the long run, as has been said, we are, if not dead, likely to have forgotten the turbulence of transition that lies between now and then.

2 comments:

Anonymous said...

How do you define “the turbulence of transition”? I live in SF and we are at the beginning stages of the transition. Our murder rate has increased and more cars are have been broken into, people are borrowing money in order to meet their day to day expenses.

Our state and federal governments are too deep in debt to develop meaningful social programs to deal with the poverty that will occur during this transition. Our local government will be overwhelmed so any response by them will be ineffective.

America has become a selfish society so a transition will not mean americans will band together to deal with the social problems.

The people who survive the transition will not forget, but the generations removed from the actual events that occur will have no memory, but these people will not be you or me, or your grandchildren. Or your friends or whomever.

Anonymous said...

^^ nice blog!! ^@^

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