by Bill White, American Free Press:
Since the Bretton Woods system was established after World War II, the American dollar has been the backbone of international finance. But with American power on the wane and the United States economy in peril, even America’s closest neighbors are looking for dollar alternatives, evidenced by a recent sharp upsurge in euro-denominated debt from developing countries, particularly Mexico.
As of mid-December, $55.3B worth of euro-denominated debt had been issued in 2013, up 34% from 2012, including major issues from Mexican companies like Petróleos Mexicanos, better known as Pemex, which sold more than $2B in bonds for the Europeans in November.
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