Too cheerful

too cheerful
2005-03-15— Posted by: allegra

Asian banks offload their greenbacks

By Josh Gordon, Economics correspondent (Canberra)

The Age (Melbourne, Australia)

March 12, 2005

reprinted from

The US dollar's status as the world's main reserve currency is under threat as Asian banks back away from the superpower's ballooning twin deficits.

Over the past three years, central banks in the region have been scaling back their holdings of US dollars amid jitters about the United States' ever-expanding current account and budget deficits, which collectively soaked up at least $US1000 billion ($A1265 billion) of foreign currency last year.

A report by the Bank for International Settlements has estimated that the share of deposits held in US currency by Asian banks dropped to 67 per cent in the September quarter of 2004, from about 81 per cent of total deposits three years earlier.

The figures suggest that a dramatic but not widely publicised regional shift away from the US dollar is under way.

They follow a warning from Japanese Prime Minister Junichiro Koizumi that the Japanese central bank should consider diversifying out of US dollars. Korea expressed similar sentiments last month.

The report said the shift had been most pronounced in India, where the ratio of reported US-dollar holdings has plummeted from around 68 per cent to 43 per cent over the three years to September 2004. China has also been scaling back its holdings, taking its share from 83 per cent to 68 per cent.

enough sleep
2005-03-15— Posted by: allegra

I didn’t actually get enough sleep, seeing as how consciousness smites Paul long about 4 am these days. Anyway, after snarling at him for a few minutes (he was gloating about how all this feeding people Sunday dinner is going to force me to clean our house, which isn’t actually that bad right now, although Paul was going on about it like we had two hundred cats and a beeg ball of aluminum foil that we hadn’t turned into capacitors yet…. oh yeah, I never told that story… anyway, stuff him) he ran away to run, which is good, because it would make us both feel better. Anybody who wants to buy me the t-shirt shown, which is at, is certainly welcome to. I won’t stop you. Or you might consider some of the other fine products at that site. Mom, if you go there, there is a t that says “Acid Reflux Made Me Do It”. I know you will immediately want to buy this shirt, but before you do, you should probably know what the popcultref is. Ashley Simpson, a young woman whose talent may not be in proportion to the amount of money spent advertising her, was caught lip syncing on Saturday night live. (By the way… she got a rave review in Georgia Straight. The reviewer was not expecting to enjoy it, and did anyway.) That was her excuse for not singing live…. acid reflux. There, don’t you feel better informed? Keith is running a temperature and may stay home again from school today, and Katie is practically living at Daxus’ (she got in the car last night when we went to pick her up, and said in an extremely mocked out Hispanic accent, “I -Lovv- Heem!” and she keeps doing that and it’s really unutterably cute). All the biscotti are gone. But I have toasted some more almonds. I gave some biscotti to P.D…. did I mention I recorded on Sunday? It was good, definitely heading into Joe Raposo, Burt Bacharach territory…but it ain’t done, I figure another couple of sessions. Oh, and did I mention Sin City? It was fun. Two things stand out, apart from seeing Sabrina and Colin… I like Sabrina, she’s adorable. Anyway, there was a guy there who is A DEAD RINGER FOR OZZIE OSBOURNE. Like who cares, but when you turn around in a line up and there he is, it’s quite startling. And he had spare coupons, so he saved us nine dollars. The other visual I must share is five women all got up like Catholic school girls doing shots in unison. I dunno why, but it got me, right here… (vaguely thumps chest). Apparently my caps glow purple under black light. I’m gonna have to check that out sometime. Good thing they are on the same teeth so they match; would be a drag if they were uneven. In December there was lots of red. This time it was a sea of black. We simply MUST get Paul better pants. I was in a process meeting yesterday, all day, and I HAD THE TIME OF MY LIFE. I am deleting the next few sentences. But it’s true, damnit. I did enjoy it. I stayed til 6:30 to type the notes up, I was so happy. I know, I’m nuts. It was a grindingly hard days’ work, too, we didn’t dick around. I had fantastic roast lamb at the Main on Sunday evening. I am lighting a candle of healing and strength for Heather…. well, lets’ just say she’s glad she’s got a trip booked for Turkey in October… it’s always good to have something wonderful to look forward to, especially when the near term is gonna be so hard. I light one for her husband as well. Paul got up this morning actually sounding cheerful; now he’s back from running and I sumpose I should face the feces and get gone. Everybody have a great day.

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Born when atmospheric carbon was 316 PPM. Settled on MST country since 1997. Parent, grandparent.

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