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Notes -
Yeah the Euro going under .96 is bad on its own but it's really just a sign of how weak and overhyped the EU has been for a while now.
The Fed can afford aggressive hikes to contain inflation though it remains to be seen if they will succeed without triggering a great depression. Meanwhile the ECB knows that if they get as aggressive, the weight of southern europe's debts will just collapse them. So they don't and the Euro loses against the dollar, and a weak currency is only good if you're a big net exporter, which the EU with its -250B trade balance most definitely isn't.
I don't see a way out of this that doesn't seriously shrink the pie, and economic strife means political strife. And it's not like there's a way out with our shitty demography and lack of innovation.
Just checked this, the chart is catastrophic! They used to enjoy a trade surplus too.
https://tradingeconomics.com/european-union/balance-of-trade
The US is much worse though. It will be extremely damaging when the house of cards collapses and foreigners are no longer prepared to export valuable goods in exchange for bits of paper printed by the Fed.
https://tradingeconomics.com/united-states/balance-of-trade
I think people rightly think by the time "piece of paper printed by the FED" loses its value, we are probably in so much deep shit globally (nuclear exchange? global shipping collapse? Solar flare? Free for all world war?) that finance is the least of our problems.
That doesn't even apply to the EU. Euro can lose its value and fundamentally not much would need to change in the world.
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