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November 20, 2004

Euro bitch slap

So, the Euro continues to zoom against the dollar, or the dollar continues to fall, depending on which way you look at it. For some time I have been speculating (in my own mind) that a part of this whole weak dollar story was a strategic slap in the face to the EU from Bush and Co. for not supporting the illegal invasion of a sovereign nation. This quote from our Treasury Sec. this week confirms my suspicions:

""The euro zone is growing below its potential," Mr. Snow told British Broadcasting Corp. on Monday. "When a major part of the global economy is below potential, there are negative consequences...for their trading partners." He said inflexibility in the German labor market and the French pension system, not exchange rates, are Europe's main barriers to economic growth."

Can't you hear Rove or Norquist in the President's ear on this one? "We don't care about the strong Euro, more tourism for the U.S.", or, "We don't care about the strong Euro, so what if they can't sell their expensive luxury products", but mainly I think, "Fuck them - if they don't want their currency to be so strong then they will have to dismantle their modern welfare state where people put life before work, have universal health coverage, live longer, have more healthy babies, and are better educated. FUCK THEM!". I really think that is what I hear when John Snow says "The euro zone is growing below its potential,".