Looks like the Euro has started to pile on the dollar in international currency markets.
This does not portend well for anyone ostensibly in charge of American financial policies. Money is fleeing American financial markets for European markets just as fast as it can. This is a tipping point for all financial conversations for the next year, and may very well signal a tipping point for longer term events.
Europe just might be better off financially than the US over the short term. This is likely to produce great gales of comparisons stating a doctor in Sweden is worse off financially than a sharecropper in Mississippi, and those arguments will effectively be just storms of denial about the now precarious position of the US economy.
The US is seriously flirting with Japanese style financial disorders(which were compounded by Japanese denial, by the way).
And theose damn Euro-weenies still have universal health care. And money is flowing towards those markets? That's interesting.
Whoops, just realized the post below means I'm now also a Euro-weenie, as well as an American citizen. What an odd feeling.
Posted by dglynn at January 24, 2003 12:25 PM