Thursday, July 8, 2010

Euro rally goes on

... The euro rose for a third day against the yen and the dollar as European Central Bank President Jean-Claude Trichet signaled the economic recovery is gaining momentum. The outlook eased investor concern over Europe’s sovereign-debt crisis, which sent gold to a record $1,266.50 an ounce on June 21 and to all-time highs in euros, British pounds and Swiss francs...
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Comment: Does anyone remember the howling of the euro bears? It is mainly in finance and economics where pundits can be consistently wrong and maintain their prestige or at least the microphone. I guess the trick is to say what journalists want the  people to hear. Krugman is a master in this art, and unfortunately Roubini has joined him in this cheap trick of intellectual prostitution.

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