I am totally with Brit here, the number of reserves has nothing to do with anything you learn in economic class about GDP, and resoruces, and capacity, and productivity, and all that.. it is pure symbolism.. which unit you think in the future will be symbolically more relevant... the one you think has the better narrative is the one you think most people will consider to have the better narrative, so it is the one more people will held, so it is the one that is chosen by more people , hence fulfilling the circle...
Euro would need to beat the american narrative... if the US manages to sink to a black hole depression while euro gets a small recession, i think Euro will be king ahead of China.. if the US retools the narrative and gets into a recession leading to a huge public investment program and an energy restructure, I think dollar is going to be the symbolic unit of reserve payment for the next two/three decades... until China gets there
A pleasure I therefore claim to show, not how men think in myths, but how myths operate in men's minds without their being aware of the fact. Levi-Strauss, Claude
Actually studying people gets in the way of such assumptions. Thus, anthropology departments are not faring too well in the academic wars for funding.
