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Its not like currency reserves are the main determinant of an ongoing ability to finance imports of oil ... for one thing, currency reserves are an accumulated stock, while the oil is a flow ... it is by and large consumed and gone.

Currency reserves may be important for a soft currency country worried about whether it can ride out a short term oil price spike, but its not an indication of ability to cope with ongoing high and rising oil prices.


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Tue May 27th, 2008 at 10:40:26 AM EST
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