the last oil dollar

by E.D. Kain on October 6, 2009

This is probably really big news.

E.D. Kain is a blogger and freelance writer. Currently he serves as Editor-in-Chief of The League of Ordinary Gentlemen and writes a tech blog at Forbes. Visit his politics blog here. He can be found occasionally composing 140 character cultural analysis on Twitter. His writing has appeared in The Atlantic, The National Review, The Washington Examiner, and the now-defunct True/Slant. You can also contact him via email.

{ 5 comments }

1 Nob Akimoto October 6, 2009 at 4:22 pm

I think “that’s all folks” is probably more accurate a headline…

Seems like China’s getting ready to dump its foreign currency reserves, and this is the first step.

2 Cascadian October 6, 2009 at 5:16 pm

Turn the lights out, the parties over. Maybe the CAD will finally reach its value.

3 Katherine October 6, 2009 at 6:32 pm

Not sure whether it will actually get anywhere – the article also mentioned the Gulf States trying to set up some new currency like the Euro which would be one of the ones in the “currency basket” replacing the USD, and it takes a lot of time and negotiation to set up a unified currency like that if the Euro’s any example.

4 Ben October 7, 2009 at 8:02 am

Is there any question that this will eventually happen, though? It shouldn’t be a shock. I’m not very well educated about economics, so I wonder: what sort of preparation should the US be doing for when this will happen?

5 North October 8, 2009 at 5:17 am

Well if China starts dumping their US dollar reserve expect the trade deficit to decrease a lot.

Obviously this is due to the weakened financial state of the US from the last eight years of Democratic fiscal madness… wait…
Can we finally put the last shovel full of dirt on the myth of the Republicans being the party of fiscal responsability?

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