from The Daily Bell:
Developing World: Euro Loses Attraction as Reserve Currency … Countries in the developing world are drastically reducing their euro holdings as economic instability in Europe leads them elsewhere to stock their currency reserves. Euro holdings are at their lowest level in a decade, according to the International Monetary Fund. When the euro was first launched on Jan. 1, 1999, there were hopes in Europe that it might soon rival the US dollar as the world’s premier reserve currency. And initially, it seemed that dream was not unrealistic, as countries around the world began filling their coffers with the European common currency. … [Now] countries are beginning to look elsewhere for their reserve currency needs –and have spent the last year and a half shedding euros. − Der Spiegel
Dominant Social Theme: The euro is eroding.
Free-Market Analysis: In our continued effort to explain why the shift from East to West is not entirely coincidental, we bring you this report from Der Spiegel. It continues, generally, with the dominant social theme (already identified in these pages) of Asian might, and in particular, increasing Chinese dominance via the yuan.
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