steep decline down to 1.23E/$. When I started to panic two weeks ago,
and decided to send what spare cash I had back home the euro was at 1.33,
by the time I could wire the money and my stupid bank posted it, it was
down to 1.25. Which seemed dire last week, but now I'm happy to have
gotten 1.25 when it looks like the euro is about to fall off a cliff tomorrow,
I've seen links to articles at the Big Picture that say that the 1trillion euro
rescue is being used to rescue fatcat investers, the government is just
holding the tent flap while everyone with money gets out.
Glenn Reynolds also asked what will happen if the Euro breaks up? Well,
my understanding is that euro notes and coins are issued in each country,
so that my Italian euros have famous italian landmarks, and if the euro
cracks up my italian euros would become liras again, german euros would
become deutchmarks etc. I heard this during the crisis a couple of years
ago, and at the time I thought it might be good to go to Germany and take
out a few thousand german euros from an ATM. But too much trouble.
A better plan would be if the euro is really in trouble and goes below 0.8,
then make the germany trip, change dollars for german euros and then
exchange them for DM after the dust settles.