When considering the dollar’s status as the world’s reserve currency, I cannot help but recall the words of Jim Grant (of Grant’s Interest Rate Observer):

 

The dollar is the world’s currency but the Federal Reserve is America’s central bank! Period!

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Well, it seems that market participants are starting to ‘decide’ that the fun-time is over. It has been a rather vicious week for ‘risk assets’, as is all too evident from the front page of ft.com

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