The Euro was started in 1999 as an accounting currency in 1999. In 2002 it was adopted as a full currency with coins and bills.
There are currently thirteen nations on the Euro: Austria, Belgium, Finland, France, Germany,
Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Slovenia, and Spain. Cyprus and Malta will join in six months.
The best exchange rate (for the United States) was when 1 Euro exchanged for a little over 82 cents. This was in October of 2000.
The worst exchange rate (for the United States) was reached today when 1 Euro exchanged for a little more then one dollar and thirty seven cents. Today is July 9th, 2007.
This is extremely bad news for the US economy in the long run. What it means in simple terms is that people around the world currently would rather hold Euros and not hold dollars. In reality what it means is that people feel that the thirteen countries listed above will grow economically faster then the United States.
It depresses me the thirteen countries above have created an economy that investors perceive to be stronger the the US. Many of the countries that use the Euro are Socialist and many have overall tax rates in excess of 60%!
We need to scrap our current tax code and completely reform our Trade Policy.
The dollar being this low verse the Euro should be discussed by every candidate that is running for President and it should be discussed today.
Unfortunately, they will keep talking about issues to stir up their own political base and will ignore the problems this country faces...