Gisele Bündchen the world’s richest model has given up on the dollar. She now requires that contracts are priced in euros because she does not want to suffer depreciation. Well done Gisele. Now if the oil market can be de-coupled from the US dollar too and central banks diversify their currency holdings, economies around the world would be more insulated from US consumer profligacy and the US government would have to bring more discipline to their economic policy.
And (in an update) it now appears that rapper Jay-Z prefers Euros too. In his new video Blue Magic he is seen cruising the streets of New York in Bentleys and Rolls Royces (now owned by Germany’s Volkswagen and BMW) with a briefcase of 500 euro notes. (Video clip)