A Level Gaze

"What effect must it have on a nation if it learns no foreign languages? Probably much the same as that which a total withdrawal from society has upon an individual."
--G.C. Lichtenberg



Links


New Email Address! levelgaze@gmail.com

Blogs

NoWarBlog

The Lefty Directory

The Agonist
aintnobaddude
alicublog
Alas, a Blog
Altercation
Ambivalent Imbroglio
AmericaBlog
American Street
Amygdala
Anger Management
Angry Bear
Armed Liberal
Bad Attitudes
Barney Gumble
Bartcop
Beyond Corporate
Billmon
Blah3
Body and Soul
Booman Tribune
Brad DeLong
Busy Busy Busy
Buzzflash
By Neddie Jingo
Calculated Risk
CalPundit
Chase me ladies
Chris Nelson
Contested Terrrain
Cooped Up
Conceptual Guerilla
corrente
Counterspin
Crooked Timber
Daily Howler
Daily Kos
Decembrist
Demosthenes
Driftglass
D-Squared Digest
Electrolite
Eschaton
Ethel
Ezra Klein
Fafblog!
Fanatical Apathy
Firedoglake
First Draft
Fistful of Euros
get donkey!
Globblog
The Hamster
Here's What's Left
Horowitz Watch
Housing Bubble
Hullabaloo
Intl News
Istanblog
James Wolcott
Jesus' General
Juan Cole
Junius
Lean Left
Left Coast Breakdown
Letter from Gotham
Liberal Oasis
MacDiva
MadKane
Mahablog
Majikthise
Making Light
Marginal Revolution
Mark Kleiman
Matthew Yglesias
MaxSpeak
Media Whores Online
Michael Finley
Michael Froomkin
MyDD
My Left Wing Nathan Newman
Off the Kuff
Oliver Willis
Orcinus
Pandagon
Pen-Elayne
Pfaffenblog
PLA
The Poor Man
R.B. Ham
Raed in the Middle
Ragout
Raw Story
ReachM High Cowboy
Rittenhouse Review
The Road to Surfdom
Roger Ailes
Rude Pundit
Ruminate This
Seeing the Forest
Seize the Fish
Self Made Pundit
Sideshow
Sirotablog
Sisyphus Shrugged
Skippy
Slacktivist
South Knox Bubba
Steve Gilliard
Talking Points Memo
Talk Left
The Talking Dog
Tapped
TBogg
Ted Barlow
Testify!
Thinking It Through
Through the Looking Glass
TNR Online
Tres Producers
TRR
Two Tears in a Bucket
uggabugga
Unknown News
Vaara
Wampum
War Liberal
Winning Argument
Wonkette
WTF Is It Now


General Interest

BBC News
The Economist
Metafilter
RealPolitik
Robot Wisdom



Bob. A damn fine comic.

Archives


This page is powered by Blogger. Isn't yours?
Friday, October 10, 2003
 
Russia to price oil in euros in snub to US

Can anybody out there tell me how big a deal this is?

Russia is to start pricing its huge oil and gas exports in euros instead of dollars as part of a stragetic shift to forge closer ties with the European Union.

The Russian central bank has been amassing euros since early 2002, increasing the euro share of its $65 billion (£40 billion) foreign reserves from 10pc to more than 25pc, according to the finance ministry.

***

Oil is seen as so central to the global power structure that the choice of currency used for pricing has acquired almost totemic significance. The switch from pounds to dollars after the Second World War has come to symbolise sterling's demise as a world reserve currency.

If the dollar were ever displaced by the euro, it would lose the enormous freedom it now enjoys in running macro-economic policy. Washington would also forfeit the privilege of exchanging dollar notes for imports, worth an estimated 0.5pc of GDP.
Also, diplomatically speaking, how big a slap to the U.S. is it?