Salam, I do not think that currencies to price energy are responsible for crisis. Well, perhaps only to some extent, but there are more important reasons. You can read my thought about it here: https://www.researchgate.net/publication/272380285_About_Origins_of_Financial_Crisis_2008
Conference Paper About Origins of Financial Crisis 2008
Dear Yuri Yegorov I Know that there are many reasons behind the financial crisis, but if have this option as a decision maker (energy resources owner) you are then having the power of your decision regarding the currencies basket of energy pricing
Please share the question and let's discuss it with more details
With my respect for your valuable opinion
Regards
Currency exchange becomes an additional risk and opportunity. The Euro existed long before it became the primary currency of member states. They didn't need it to trade among them selves. They wanted it to compete against the USA dollar for pricing commodities. For a long time commodities were priced in British Pounds Sterling. Transition to dollar pricing after WWII caused inflation in the UK 30% per year for two years. Something like that could occur in USA if the Euro replaces the USA Dollar for pricing commodities. There is competition for pricing. A basket of currencies is the preference of governments that are losing the contest.
Dear Mr. Jerry Decker, I agree with you in every word, but can you please determine which type of contests?
Thank for your valuable contribution
The main contest is to have the currency that prices commodities, while defending that advantage and preventing other governments from gaining that advantage. The prevailing currency always comes under financial and economic attack by competing currencies.
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