The French and Dutch ‘no’ votes in their referendums on the EU constitution have led to further weakening of the euro, as talk of the ‘death of Europe’ spreads across the media. The dollar has also gained against the yen. Those who back the US model and its financial assets reckon the dollar will continue to strengthen because Europe is doomed politically and economically – a sclerotic hell of low-IQ lemmings. And Japan is seen as a dying economy with an irreversibly ageing population condemned to low growth and investor returns.
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