Re: criminals prefer euros…
On Sep 29, 2006, at 2:05 AM, joanna wrote:
Last week, during an interview on CNBC, Dennis Gartman, editor of
the highly regarded Gartman Letter, asserted that the storage
currency of choice among drug traffickers, arms dealers, and the
Russian Mafia had switched from $100 dollar US bills to �500 Euro
notes. Gartman proclaimed the development to be bullish for the
U.S. economy and bearish for the Euro zone. Say what?
Ha. The loons (Hausmann & Sturzenegger http://www.cid.harvard.edu/cidpublications/darkmatter_051130.pdf, http://www.cid.harvard.edu/cidwp/pdf/124.pdf) who argue that the US current account deficit
doesn’t matter becuase export not-conventionally-measurable gobs of
“dark matter” include the free loan implied by foreign holding of US
currency in that preposterous category. Guess they’ll have to amend
that.
Doug