Gisele Bundchen abandons the dollar. Who’s next?

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Lots of people have been wondering when one of the big oil-exporting countries, fed up with the weakening dollar, will demand to be paid in euros. But few had been paying attention to the far greater threat that supermodels might demand payment in currency harder than the greenback. Until now:

According to Brazil’s weekly magazine Veja, when Ms B√ľndchen signed a deal to represent Pantene hair products, she demanded that the brand owner, Procter & Gamble (P&G), paid her in euros.

There are also reports that she will be paid in euros for a deal with Dolce & Gabanna to promote its The One fragrance.

My take: There are good reasons the dollar should lose ground over time against the rupee and the yuan and the riyal. But this whole dollar/euro thing is just cyclical–although that doesn’t mean the cycle is going to to turn anytime soon.