Argument: Shifts from dollar reserves should not be based on the short-term difficulties
- "Only Gold Can Replace the Greenback As the World's Reserve Currency". Seeking Alpha. January 25, 2008 - "The Euro is currently riding high thanks to strength and optimism in the European economy. Although there is currently a differential in interest rates earned by holding Euros vs. holding dollars, this gap, in theory, should not be sufficient to warrant a massive move from dollar to Euro. Except for the most nimble of traders, future expectations of growth and inflation would arbitrage away any gains achieved in the near term."