I do really do, very much do, enjoy watching some of the most pompous and arrogant voices in Europe, quiet, as their esteemed challange to the US dollar is drowning in the quagmire of their misery.
During the last ten or so years, we have heard these voices speak of the dollar as yesterday's news. They spoke in hushed tones, often using the inflection one would find at a funeral, when speaking of the dead. Only to have their voices rise, and a smile return to their face as they spoke of the great Euro which would rise up, take up the mantle of the esteemed dollar, and become the world currency.
I hope they lost billions. I hope they had every deutschmark, every penny, every ruble, every franc - in the euro.
God bless Europe.
The euro sank to a one-year low of beneath $1.31 and the risk premium on Greek, Portuguese and Spanish bonds soared amid jitters about a possible Greek debt restructuring and worries over the fiscal health of other southern European countries.
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