Rande, I like & agree with your political rant, and would add one more thing, and the thinking by many old hands in this business is that the main reason for the Euro drop, ever since it was born, is due to the simple fact that the central banks involved sold most of their gold reserves, so you have no backing, other than the ability for member states to tax. And, if your economy happens to suck, as many Euro member states do, your currency takes the pipe. Even with a cheap Euro, they could not export out of the current mess. Take China, with it's new trade status. Does anyone in the world think they can compete with Chinese labor? The European welfare states are in for a rough ride going forward.
BTW, I have been short the Euro for some time, and mentioned on another thread I was getting ready to take my money, and I am sure glad I did, 'cause they really made a concerted effort today to pump it. They simply cannot let the house of cards fall, just like they bailed out Russia, Long Term Capital MisManagement, Mexico, Asia, etc, over the past years. But, as we know, if you know how to play the game, you will do fine....and we tend to thrive on this type of volatility. |
