However, a number of ETers have income and/or assets in dollars and expenses in Euros. They are exposed to exchange rate risk already - what they need is a currency swap which, taken today at par, would be favourable if the dollar keeps losing value.

Others have said they intend to move from the US to the EU shortly. They need a hedge against their dollar assets losing a lot of value by the time they are actually ready to make the move.

Yet others have expressed a desire to speculatively bet against the dollar.

Chris has been talking about "borrow dollars to buy energy assets" for a while. His Bulgarian brewery example just has the brewery play the role of what in other comment threads has been energy assets.

So the idea would be to pool the dollar assets of willing ETers in the situations mentioned above (the economies of scale in terms of commissions and financing costs are substantial!) and use those dollar assets as (dollar) margin to buy a portfolio of energy and/or euro assets with the combined income, return and liquidity requirements of the various people involved.