2.3% drop over three days...That is over 230% on annual terms. That is a very sharp drop in terms of money. This is exactly what needs to happen to help Europe, it is the overvalued Euro which has been the trouble with growth (not to mention the socialism itself). Our recession in 2001 was also the result (I believe) of too high a “value” on the dollar. Our “under value” dollar has been a blessing for exports, tourism, and dealing with rising oil prices. As the Euro comes down in “value” and the Dollar up the oil prices will ease somewhat, as will most commodoties. This will help to right the world economy. We don’t need the government to do anything, the free markets do it pretty much on their own. That is the beauty and truth of freedom, it is what naturally exists and is supposed to exist.
I agree that the free market will correct itself, but if the politicians in Washington had the wit and benevolence to eliminate the capital gains, inheritance, and corporate taxes and start extracting and refining domestic oil, the U.S. economy would leave Europe’s and Asia’s behind in the dust.