When people here in the US wake up to the pathetic state of the US Dollar, they may be slightly disturbed with last weeks news that Brazilian supermodel Gisele Bündchen is now insisting she should be paid in Euros, rather than dollars. But they will probably start freaking out at the increasingly bad news of the last week.
The word from India is that its top tourist sites -- the Taj Mahal, to name one of the most famous -- are now refusing to accept the dollar for admission. Meaning rupees are now superior to dollars, as of course are nearly all foreign currencies at the moment.
But the serious stuff has just happened at the OPEC conference, where discussion regarding the dollar was unintentionally aired to reporters. Members had feared that even letting the word out (about de-pegging oil from the dollar) might cause the dollar to collapse. Along the same lines, the Gulf Cooperation Council is giving serious thought to abandoning the dollar peg. If that happened, collapse might be too mild a word!
George Parker
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Member since: 03 Jun 2008
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