Euros versus the dollar
By John Schroy, on July 2nd, 2010 | 
The multiplicity of independent central banks is the Achilles heel of the eurosystem. A bank, controlled by the government, in a fiat money environment, that acts as the paying agent for that government, has — in effect — the capability to print money (although not necessarily banknotes).
Imagine, tomorrow the headlines in the Wall Street Journal read “$100 billion is inflationary euros issued without the knowledge of the European Central Bank”. What would be the effect of the news on the value of the euro as a reserve currency?
International finance
By John Schroy, on May 23rd, 2009 | 
Who determines the ‘world reserve currency’? Central bankers? IMF officials? College professors?
The answer is ‘none of the above’. In an open, global economy, the world reserve currency is determined by the judgment of millions of importers and exporters in many countries.
The world reserve currency is decided by consensus and the personal decisions of exporters as to what currency they will accept for their goods.
On this basis, it’s too early to count the dollar out.
Hard Times
By John Schroy, on April 17th, 2009 | 
The Crash of 2008 was the end to what I call, “the old capital markets”.
A new era is beginning, but form and detail are hidden in the mists of change. It may be a decade or so before new structures and directions are visible.
Many were thrown out of work by the Crash, but before getting into the unpleasant chore of actually looking for a job, you should consider whether or not you even want to work in the new capital markets.
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