We’ve seen this headline so many times in the last year, I’ve lost count:
So where does the euro now stand? It takes more than a buck and a quarter to buy one.
Let’s put that into a perspective I can understand. I went to Germany in 1984, when on a good day, you could get 2.80 Deutschmarks for a dollar. Then came the Great Devaluation, when our twin deficits (current accounts and federal spending) caused the dollar to drop to about 1.80-2.00DM. When the euro went into effect, it was worth about two DM