Patrick Barron has been a consultant to the banking industry since 1985. He teaches Bank Management Simulation at the Graduate School of Banking, University of Wisconsin, Madison and Austrian Economics at the University of Iowa. He has contributed a weekly essay in the Austrian vein to The Bulletin, Philadelphia since 2006. As president of the Right Approach Group, which offers free market solutions to current economic problem, he has spoken at economic conferences at the EU Parliament offices in Brussels, Belgium and Strasbourg, France.
It is very interesting that Alasdair mentions that there is increasingly little need for the Petrodollar market, since most of the Middle East's oil is going East and not West. I mentioned this in my latest essay as a possible end of the dollar as the world's premier reserve currency. To wit, the following quotes:
"To this we should add the Middle East, most of whose oil is now exported to China, India and South-East Asia, making the petro-dollar potentially redundant as well."--Alasdair Macleod
"...it is possible that the eurodollar and petrodollar markets could end, forcing holders of US dollars to exchange them for goods and services in the one part of the world that must accept dollars."--Pat Barron
There is "the potential tsunami of dollars just waiting for the opportunity to return to the good old US of A."--Alasdair Macleod
And when those dollars come home, the Fed's options will be limited between recession and higher prices. There are no other options.