Frank Shostak, in his May 20, 2003 column, said: “Europeans are printing money at a faster pace now than Americans. Given the fact that the effect from changes in money supply operates with a lag, this means that the strong rebound in the excess money growth differential between the EMU and the U.S. raises the likelihood that in the months ahead the U.S. dollar should strengthen against the Euro.”
And now, thanks Greenspan: Euro interest rate slashed.
Also, just as animal spirits were coming to life, CNN reports: Jobless Claims Surge.
