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Per head of population EU reserves tiny ! Singapore's 50 times larger !

eeja
Posts: 374 Forumite
Monetary Authorities with the largest foreign reserves in 2008.
RankCountry/Monetary Authoritybillion USD in year 2007

Eurozone$ 430 Singapore$ 165
Thus Singapore has way over $30 Billion of reserves per million Singaporeans but the EU has only $ 0.6 Billion of reserves per head of EU population.
Is the Euro the almighty currency everyone talks about ? Perhaps we should be buying Singapore dollars ?
RankCountry/Monetary Authoritybillion USD in year 2007


Thus Singapore has way over $30 Billion of reserves per million Singaporeans but the EU has only $ 0.6 Billion of reserves per head of EU population.
Is the Euro the almighty currency everyone talks about ? Perhaps we should be buying Singapore dollars ?
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Comments
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the EU has only $ 0.6 Billion of reserves per head of EU population.
$600,000,000 each? I think I could manage on that!
Out of interest, where do Norway and Switzerland lie in this league table. I know Norway has a massive SWF - but does that count?
Does anyone actually think currencies are really backed by anything today? They basically represent IOUs of value that the citizens working in that economy are liable for. As long as they keep working hard to produce goods and services for these bits of paper you'll do okay. Think of them as Argos tokens or something!0 -
$600,000,000 each? I think I could manage on that!
Out of interest, where do Norway and Switzerland lie in this league table. I know Norway has a massive SWF - but does that count?
Does anyone actually think currencies are really backed by anything today? They basically represent IOUs of value that the citizens working in that economy are liable for. As long as they keep working hard to produce goods and services for these bits of paper you'll do okay. Think of them as Argos tokens or something!
Link below with the full monty...my pleasure....
http://en.wikipedia.org/wiki/Foreign_exchange_reserves0 -
its not 0.6bn per head, but 0.6bn per million, so 600 per head0
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Link below with the full monty...my pleasure....
http://en.wikipedia.org/wiki/Foreign_exchange_reserves
There's a link on SWFs too:
http://en.wikipedia.org/wiki/Sovereign_wealth_fund
Singapore is doing well there too while Abu Dhabi's SWF has $1M per citizen.0 -
its not 0.6bn per head, but 0.6bn per million, so 600 per head
Figure given for 1 million head of population.....did not want needless repetition as the actual figures quoted were clear.
Also.....the whole exercise is in fact rather meaningless and the figures only of value for the Guiness book of Records as Singapore is currently in deep financial water with a massive drop in exports over the last few months and huge increase in unemployment in the Island State !0 -
From what I have read Norway has been sensible and strategic with its north sea oil revenues, unlike successive govts here."enough is a feast"...old Buddist proverb0
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