This doesn't look good to me.

The United Arab Emirates are dumping dollars. That sounds like the economy might just be starting to tank. All that borrowed Iraq war money that Dubya is spending like a drunken sailor, might have a little to do with it.

Nicole Bell at Crooks and Liars

The United Arab Emirates plans to convert 8 percent of its foreign-exchange reserves to euros from dollars before September, the latest sign of growing global disaffection with the weakening U.S. currency.

The U.A.E. has started, "in a limited way," to sell part of its dollar reserves, the governor of the country's central bank, Sultan Bin Nasser al-Suwaidi, said in an interview. "We will accumulate euros each time the market appears to dip" as part of a plan to expand the country's holding of euros to 10 percent of the total from the current 2 percent.

The Gulf state is among oil producers, including Iran, Venezuela and Indonesia, looking to shift their currency reserves into euros or sell their oil, which is now priced in dollars, for euros. The total value of the reserves held by the U.A.E. is $24.9 billion, Suwaidi said.

The dollar has fallen more than 10 percent this year against the euro.

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Did you know that L. Frank Baum's "The Wizard of Oz" was an allegory?

OK, you got me. So what is it about?
Read this, by Brian Tamanaha at Balkinization.

Every now and then I read something that comes as a complete surprise. You might have the same reaction to the following passage from Jack Weatherford's The History of Money (1997), which comes out of his discussion of the late nineteenth century debate over adding silver to the gold monetary standard:

The most memorable work of literature to come from the debate over gold and silver in the United States was The Wonderful Wizard of Oz, published in 1900, by journalist L. Frank Baum, who greatly distrusted the power of the city financiers and who supported a bimetallic dollar based on both gold and silver. Taking great literary license, he summarized and satirized the monetary debate and history of the era through a charming story about a naive but good Kansas farm girl named Dorothy, who represented the average rural American citizen. Baum seems to have based her character on the Populist orator Leslie Kelsey, nicknamed "the Kansas Tornado."

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