From: Rakesh Bhandari (bhandari@BERKELEY.EDU)
Date: Thu Dec 23 2004 - 19:43:11 EST
At 10:14 PM +0000 12/20/04, Paul Bullock wrote: >Rakesh and others, > >I am a little bemused by the constant reference to Japan and then >China's holding of dollars without reference to the 3rd largest >holder Britain ( not much less than China), which also shares a >creditor's risk. Which will of course explain why Gordon Brown was >lecturing all and sundry on the dollar during his recent visit. > There is no "Orientalism" here, I do not think. Focus is on Asia to the extent that central banks have much of the holdings and have hitherto been manipulating currency markets. Many economists (Roubini, Eichengreen) now warning that incentive to defect from this defacto cartel is great, though this will have devaluing the assets held by one and all. Prisoner's dilemma analysis. Moreover, to the extent that US foreign policy is seen as less provision of collective security than open self-aggrandizing imperialism, incentive for defection rises. rb > >Paul Bullock. > > >----- Original Message ----- >From: "Rakesh Bhandari" <<mailto:bhandari@BERKELEY.EDU>bhandari@BERKELEY.EDU> >To: <<mailto:OPE-L@SUS.CSUCHICO.EDU>OPE-L@SUS.CSUCHICO.EDU> >Sent: Wednesday, December 15, 2004 11:42 PM >Subject: [OPE-L] Call in the reserves By Harold James > > > Very strained argument that dollar depreciation may lead to new >> forms of state socialism. rb >> >>
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