It appears the world has a case of Euro-mysitisis. You can die from this disease. Below is a chart that shows the value of the USD versus the Euro since its inception in 1999. It reached 1.21 earlier this morning. At the height of the financial crisis in 2008, the exchange rate was 1.6. It has been in the 1.5 range for most of the last two years. This means the Euro has declined 25% in value versus the USD.
Remember all the talk on CNBC about the tremendous benefits of a weak dollar? GONE!!!
This plunge in the Euro will severely damage the hopes of Obama and his minions to devalue our way out of this crisis. Our exporters will be punished. Our international conglomorates who benefited from foreign translation gains when the dollar was weak will now have translation losses. I wonder if the stock analyst numbskulls have that in their models.
Now the kicker. Europeans were supporting our housing market by buying real estate with their strong Euro. Ain’t happening anymore. If you walked around NYC in the last couple years, you thought you were in Europe with all the foreigners buying cheap shit with their strong Euro. Not anymore. Do you think many Greeks, Spaniards, or Irish will be planning trips to Disney World this summer? Not bloody likely.
We got a bad case of Euromysitisis, and it could kill us.
JERRY: I’ve had this condition since I was eleven! I’ve been in and out of hospitals my whole life. I have no control over it. Doctors have told me that when I feel it, the best thing to do is just release it. Otherwise, I could die.
SECURITY GUARD: Well you’re still not allowed.
JERRY: Do you hear what I’m saying to you?! I’m telling you that if I don’t go, I could die. Die. Is it worth dying for?
SECURITY GUARD: That’s up to you.
JERRY: So you don’t care if I die.
SECURITY GUARD: What I care about is the sanitary condition of the parking facility.
JERRY: It was life and death.
SECURITY GUARD: Uh huh.
JERRY: Oh I’m lying. Why would I do it unless I was in mortal danger? I know it’s against the law.
SECURITY GUARD: I don’t know.
JERRY: Because I could get Uromysitisis poisoning and die. That’s why!…Do you think I enjoy living like this?…the shame, the humiliation…You know I have been issued a public urination pass by the city because of my condition. Unfortunately my little brother ran out of the house with it this morning.
JERRY: (C0NT’D) Him and his friends are probably peeing all over the place. You want to call the Department of Social Services? Oh, it’s Saturday. They’re closed today. My luck.
SECURITY GUARD: You can tell the police all about it.