[OPE-L] The oil/dollar problem...

From: Jurriaan Bendien (adsl675281@TISCALI.NL)
Date: Thu Nov 08 2007 - 06:16:31 EST

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The NYT makes a important point on the Yankee oil/dollar problem:

"Indeed, some now see the dollar and the price of oil as intertwined: As the value of the currency falls, sellers of oil demand more dollars for the same barrel. And as oil prices climb, this impedes American growth, making the dollar less attractive." http://www.nytimes.com/2007/11/08/business/08econ.html?pagewanted=2&_r=1&hpP.Àæ ë
It seems that, much more important than the subprime problems, there is a general loss of confidence now by large money and capital traders in the US economy. Europe is obviously much better placed to handle the rising oil price.

The benefit of US economic woes is that it could, at least for the moment, restrain military aggression in the Middle East.

Jurriaan

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