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

Monetary Authorities with the largest foreign reserves in 2008.
RankCountry/Monetary Authoritybillion USD in year 2007
22px-Flag_of_Japan.svg.png22px-Flag_of_Europe.svg.png 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 ?

Comments

  • jon3001
    jon3001 Posts: 890 Forumite
    eeja wrote: »
    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! ;)
  • eeja
    eeja Posts: 374 Forumite
    jon3001 wrote: »
    $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_reserves
  • gozomark
    gozomark Posts: 2,069 Forumite
    its not 0.6bn per head, but 0.6bn per million, so 600 per head
  • jon3001
    jon3001 Posts: 890 Forumite
    eeja wrote: »
    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.
  • eeja
    eeja Posts: 374 Forumite
    gozomark wrote: »
    its not 0.6bn per head, but 0.6bn per million, so 600 per head
    Correct !
    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 !
  • theGrinch
    theGrinch Posts: 3,133 Forumite
    Part of the Furniture 1,000 Posts
    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 proverb
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