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: Harrell Blog

Some more bad news for the dollar

By pharrell

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One thing the dollar has long had going for it was its status as the international currency of business. Businesses bought dollars (and helped prop up the dollar's value relative to other currencies) just because, well, other businesses wanted to conduct business in dollars. This dominance has been unraveling for a few years, most notably when China switched its peg to a currency basket a year or so ago. But the dollar's dominance seems to be collapsing even faster than expected: Iran this month stopped accepting dollars for oil sales, and Russia just announced that it may begin selling oil for rubles after next year.

Full post as published by Harrell Blog on December 12, 2007 (boomark / email).

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