The Wall Street Journal
3/1/2011
This article is available only to subscribers of The Wall Street Journal but here is an excerpt from their page:
For decades, the dollar has served as the world’s main reserve currency, but, argues Barry Eichengreen, it will soon have to share that role. Here’s why and what it will mean for international markets and companies.
The single most astonishing fact about foreign exchange is not the high volume of transactions, as incredible as that growth has been. Nor is it the volatility of currency rates, as wild as the markets are these days.
Instead, it’s the extent to which the market remains dollar-centric.
Consider this: When a South Korean wine wholesaler wants to import Chilean cabernet, the Korean importer …
It would appear this means our cost of living is about to rise substantially and our quality of life is about to decline significantly…
