Top models and pop icons are asking to be paid in euros. New York’s Fifth Avenue is full of Europeans snapping up cheap goods. At Buffalo there are six-hour queues of cars full of Canadian consumers on weekend shopping trips to the US, and analysts predict that the UAE or Qatar will sever their dollar peg within the year. The bottom, it seems, has fallen out of the dollar, and with US firms across all sectors suffering from a looming recession, to quote one head of an international bank it’s “10% discount sale today on all American companies”.
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