On 2007-10-18, F George McDuffee wrote:
Note: Iran has begun to require payments in Yen from Japan, and
Euros from Europe for their oil, and China and the other large
holders of US dollars and dollar denominated securities are
forming "sovereign investment" entities, to exchange their
virtual dollar assets for equities including land, buildings and
large shares of American corporations.

Just who do these foreigners think they are, demanding that the
US redeem their IOUs? If PIK [payment in kind, where you make
the debt payments with more paper debt] is good enough for the US
banks and hedge funds it should be good enough for China and the
Arabs.

Immediately after the "mission accomplished" vistory over Saddam, I
exchanged a substantial amount of our dollars into euros, and held
them ever since. A decision that I am not at all regretting. I feel
much better with cash in euros rather than in dollars, though I still
have quite a lot of dollar assets -- but not 100%.

i