From The Telegraph
''Neither the euro nor the dollar can inspire full confidence, although
for different reasons. EMU is a dysfunctional construct, covering two
incompatible economies, prone to lurching from crisis to crisis, without
a unified treasury to back it up. The dollar stands on a pyramid of
debt. We all know that this debt will be inflated away over time – for
better or worse. The only real disagreement is over the speed.
The central bank buyers are of course the rising powers of Asia and
the commodity bloc, now holders of two thirds of the world’s $11
trillion foreign reserves, and all its incremental reserves.''