Posted on 02/15/2006 9:56:41 AM PST by lizol
Some new EU states cooling on the euro By Carter Dougherty International Herald Tribune
WEDNESDAY, FEBRUARY 15, 2006
FRANKFURT In Poland, the conservative Law and Justice Party has campaigned against joining Europe's common currency, and four months after its upset victory in national elections, one thing has become clear: It will not go out on a limb for the euro.
"We don't see any benefits in adopting the euro," the party's leader, Jaroslaw Kaczynski, said during the campaign. "Euro adoption would lead to lower exports, lower national income and higher unemployment."
Governments in Poland, Hungary and the Czech Republic felt strongly enough about joining the European Union in May 2004 to push through wrenching economic changes to get there. They relentlessly lobbied their electorates to accept that the initial pain was worth the long-term gain.
(Excerpt) Read more at iht.com ...
Yet more reasons the dollar will blast off this year, as if the massive short positions by Soros, Gates and Buffett were not enough.
What if they gave a currency and nobody came?
people in most European countries are too used to doing what the government says for that to happen. Back in '01 - '02 there were isolated cases of people refusing to accept euros (or continuing to deal with their old currencies), but these were exceptions that showed up on the news, not mainstream occurrences.
You know, I was confused late last week, when I looked at the currency quotations in the newspaper, and saw that in one day the "euro" dropped 10 cents in value against the American dollar, or about 9%.
Which is, uh, a significant amount.
But alas there was nothing else in the newspaper to explain this phenomemon, why the one-day plunge into the abyss, where it remains some days later.
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