Read Between the Lines
Posted by Big Gav
I'd seen the jitters created by South Korea's talk of diversifying away from the US dollar (ie. the first rat trying to abandon a sinking ship), but I hadn't read any more in depth discussion. Land of Black Gold notes that they are moving funds to the A$ and C$ - once upon a time it was gold reserves that guaranteed currencies - now it appears its energy reserves.
South Korea announces it will diversify it's foreign currency holdings to include Canadian and Australian currencies. = South Korea is aware of peak oil and is putting money in the currencies of countries with large deposits of various natural resources including oil and natural gas. Notice they didn't put it in the Euro, the supposed new alternative to the dollar, because the Euro countries have almost no oil and gas left.