US Central Bank sends Money to ECB every Month!

When the Euro was imploding earlier this year the dollar was the main beneficiary. With all the problems coming from countries like Greece, Portugal, Italy and Spain, the dollar was flew past 80 on the index and the Euro was in fact approaching its mid-2009 lows in the 118/119 range, an area I thought it would reach.

But a funny thing happened on the way to the forum. The Euro, and all the markets, somehow, someway, actually believed that ECB President Draghi could pull rabbits out of a hat. When someone promises you swampland in Florida, you know it’s a bad deal. But the markets believed in the swampland propaganda coming out of Draghi’s mouth. The problem is, no European country can right their sinking ship. Just look at the External Debt to GDP Ratio data from the main countries that make up the Euro. How do you overcome this iceberg straight ahead?


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