Euro Reaches Four Year Low

Yes, it's all over the news today. The Euro reached a four year low against the dollar.

I have not found a single article about this that is titled "Dollar reaches four year high against Euro." Why do you think that might be?

Maybe it would cut into the Republican narrative that Obama is totally incompetent in handling the economy? We're gaining jobs, the market has recovered, corporations are making profits for the first time in years, consumer confidence is up, the dollar is recovering from some of the disastrous collapse it suffered during the Bush era, but God forbid that anyone should admit that it is the Democrats that actually deal with the economy adequately. So they must come up with all sorts of reasons why this is all about Europe, and none of it has anything to do with Obama.

Comments

Derek said…
It is a recession, one that has destroyed many parts of Europe (see: Greece). The countries have large debts even larger than our own, so it is no surprise that countries would rather back their currencies with the dollar as opposed to the Euro. That isn't Obama's doing, that'd be Europe's failure.
May 18, 2010 at 12:34 AM
Green Eagle said…
Of course, of course, Derek...nothing good ever comes from anything that Obama does.

I suppose it is just a coincidence that the recent decline of the Euro against the dollar very closely parallels the price of gold and the recent drop below 11,000 in the Dow. I'm sure you have a separate explanation for each of these phenomena.

Ever hear of Occam's Razor?
May 18, 2010 at 11:03 AM
Infidel753 said…
It is actually true that the European economic crisis came to a head over the last couple of weeks and is having real political consequences as well (it's the subject of my own latest blog post). So in this case it's probably true that the shift in exchange rates is being driven mainly by events over there.

More generally, I certainly wouldn't be surprised to see conservative-owned media downplaying Obama's accomplishments.
May 18, 2010 at 2:54 PM
Green Eagle said…
I'm sure that is part of it, but how then do you explain the parallel movement of gold and the stock market against the dollar? Of course I didn't expect a cogent answer from Derek, but I really would like to hear an answer to that question.
May 18, 2010 at 6:49 PM
Derek said…
Because gold being at $1210 really means the dollar is doing better. The recessionary forces in the global market have boosted the dollar up. As soon as they fade, much of the value of the American dollar will too. I mean, the M1 has gone through the roof in the past two years.
May 19, 2010 at 2:51 AM
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