The End of the Dollar

On the issue of the end of the dollar, I've got a book on my shelves by Barry Eichen-Green, an economic historian. He basically looked at empires going back 500 years and showed that when an empire ends the currency of that empire begins to weaken. That's really the argument for weak sterling, if anything. We're seeing the end game of that play out. China has an awful lot of growing up to do. In some respects, its institutions vis-a-vis open trade and open commerce are beginning to weaken. There's an argument to be made that at the margins the euro is used more frequently than other developed currencies.