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The world is big. Unless those core surplus accumulated in just a few markets, they would have been comfortably diluted. Sure, the euro might have weakened somewhat, but not at all radically against certain currencies like the Swiss franc. The strengthening of the franc is purely an effect of flight to safety/quality.

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid on Wed Dec 14th, 2011 at 10:15:56 AM EST
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