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Posted by: hyperbola 6 months, 3 weeks ago
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hyperbola6 months, 3 weeks ago
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Brazil and China recently concluded exactly such an agreement.
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This is just one more step in the diminshing dominance of the US dollar as the world'scurrency. You can't keep borrowing from the world to finance military imperialism and conspicuous consumption without the chickens coming home to roost.
Who Drove the Boom in Euro-Denominated Bond Issues?
Galina Hale
Mark M. Spiegel
Federal Reserve Bank of San Francisco - Economic Research Department
March 31, 2009
.... We also find that to a large extent the increase in euro issuance was "at the expense" of U.S. dollar issuance, suggesting that euro competes with the U.S. dollar as a currency of choice for international - financial transactions.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id...
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