July 30, 2010
The Wall Street Journal reported Thursday that the Euro has reached an 11-week high against the dollar.
NEW YORK –The euro rose above $1.31, hitting its highest point in 11 weeks as improving euro-zone economic data helped the common currency extend a strong rally that’s seen it rise more than 10% since early June.
The euro has been perhaps the most visible beneficiary of easing concerns about the European sovereign debt crisis. After hitting a four-year low of $1.1876 on June 7, the currency has steadily gained ground amid confidence that policy makers have forestalled a European sovereign debt default.
This rise in strength comes just 3 months after the austerity measures were forced on the Greek people and the same steps being taken for the other PIGS (Portugal, Italy, Greece, and Spain). At the time, the global financial community debated whether the Euro would even survive because of fears that soveriegn debt of economically weak European Union member nations would destroy the Euro. Now that the International bankers got the austerity measures that they wanted, the money manipulators have rewarded them.
The same game plan is playing out in the United States; ratchet up the rhetoric about debt and deficits with the veiled suggestions (threats) by the IMF for austerity, and then weaken the currency to a point where the body politic is forced to act on behalf of the banksters who manufactured the extreme over-leveraging. The growing noise for “solutions” to America’s very real debt problems is becoming louder as the calls for confiscating Social Security and Pensions are now everyday news.
This article was posted: Friday, July 30, 2010 at 4:56 pm