Carl Guderian on Tue, 30 Nov 2004 23:14:34 +0100 (CET) |
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Re: <nettime>the dollar's demise (and the rise of Asia) |
So, basically, Bush and the neocons are playing Texas Hold-em with the world currency market. Who folds first? On the one hand, we've just advertised that currency speculators and central banks can make a 25% profit by selling bucks short over the next 6 months or so. On the other hand, dumping dollars could screw everybody in the longer term. Chances are one of the Asian ones jumps first. I'm betting on Thailand, since they've got an expensive war brewing down south. As do the Philippines. If the world's central bankers had balls of steel, they'd dump their bucks for yuan and make Bush go "OH SHIT!!" and intervene early, then buy back in when it looked like Bush was getting serious about propping up the dollar. If I were an Asian central banker, I'd wonder how many dollars Soros was still holding, having been burned by him before. Oops, too late by a year: http://businessweek.com/magazine/content/03_51/b3863050.htm # distributed via <nettime>: no commercial use without permission # <nettime> is a moderated mailing list for net criticism, # collaborative text filtering and cultural politics of the nets # more info: majordomo@bbs.thing.net and "info nettime-l" in the msg body # archive: http://www.nettime.org contact: nettime@bbs.thing.net