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Currency reserves may be important for a soft currency country worried about whether it can ride out a short term oil price spike
You mention soft currency. Does that mean that the US, EU or Japan would be expected to have relatively small reserves because they are hard currency areas?

When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. — John M. Keynes
by Carrie (migeru at eurotrib dot com) on Wed May 28th, 2008 at 11:48:37 AM EST
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