Russians To U.S.: Give us More Bread
Posted on 01/29/2009 12:49:17 PM PST by Tailgunner Joe
Not really-- the Euro in some ways, for example, interest rate gyrations, is more stable & so is the Swiss Franc and Japanese Yen.
The dollar is the most stable currency in widespread use: there are trillions of dollars in dollar denominated accounts abroad because of the legacy of Bretton Woods and the massive trade deficits we have run.
That's the real reason the Euro cannot replace the dollar: European (esp. German) mercantilist policies effectively prevent enough Euros from circulating outside the Euro zone.
Russians To U.S.: Give us More Bread
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