> On Sun, Oct 19, 2008 at 11:06 PM, wrote:
> Sure he can say that now so long as the Fed is there to
> backstop everything. These Europeans have no shame.
Right, the Eurozone is surviving on the unlimited Fed USD swap lines.
That’s a complete ideological failure for the Euro members.
It’s their worst nightmare- the ECB borrowing USD reserves to support the Euro Banking System.
By Jonathan Tirone
VIENNA, Austria — European Central Bank council member Ewald Nowotny said a “tri-polar” global currency system is developing between Asia, Europe, and the United States and that he’s skeptical the U.S. dollar’s centrality can be revived.