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Just saw this on Bloomberg...
"European Central Bank council member Ewald Nowotny said a ``tri-polar'' global currency system is developing between Asia, Europe and the U.S. and that he's skeptical the U.S. dollar's centrality can be revived.
'What I see is a system where we have more centers of gravity' Nowotny said today in an interview with Austrian state broadcaster ORF-TV. 'I see for the future a tri-polar development, and I don't think that there will be fixed exchange rates between these poles.' "
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Of course, the fall of the dollar from its status as the world's primary (sole?) reserve currency has been forecast by Itulip well in advance.
These rumblings may signal the beginning drum beats of change still far in the future, or perhaps prominent voices are finally starting to speak publicly to what the ECB and the G-8 have been planning for some time.
So, for me, the takeaway is that it's progressing as expected, yet... how quickly?
"European Central Bank council member Ewald Nowotny said a ``tri-polar'' global currency system is developing between Asia, Europe and the U.S. and that he's skeptical the U.S. dollar's centrality can be revived.
'What I see is a system where we have more centers of gravity' Nowotny said today in an interview with Austrian state broadcaster ORF-TV. 'I see for the future a tri-polar development, and I don't think that there will be fixed exchange rates between these poles.' "
--------------------
Of course, the fall of the dollar from its status as the world's primary (sole?) reserve currency has been forecast by Itulip well in advance.
These rumblings may signal the beginning drum beats of change still far in the future, or perhaps prominent voices are finally starting to speak publicly to what the ECB and the G-8 have been planning for some time.
So, for me, the takeaway is that it's progressing as expected, yet... how quickly?
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