Currency Wars.......

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"CURRENCY WARS: For decades the U.S. has hugely benefited from having the dollar be the reserve currency of the world, as practically all worldwide commerce was made out in the greenback controlled by Washington and Wall Street. Then, in 2002, the euro was introduced among various members of the EU, creating for the first time an alternative to the dollar, at least at the beginning within the EU -- and gradually expanding its influence in the international markets. Washington and its British ally never looked kindly to the development. London refused to adopt the new currency and join the eurozone. Washington gave its benediction -- since it could not stop the project -- but expressed circumspection about the future of the euro. Ten years or so later, all of a sudden, the eurozone is threatened to unravel due to its member states' public debt.


So, what's going on? I suppose Schäeuble, Merkel, Sarkozy, and other European leaders are fully aware of the tremendous forces at play, but cannot diplomatically speak openly about the currency war that is going on between the U.S., China, and the European Union."