Irony of the Year

As too much debt and socialist policies destroy Europe and bring parts of ot to the point of social collapse, Obama and the Democrats have put themselves in denial and begun adopting as many of these failed policies as they could possibly get away with. The great irony is at the exact same time the dollar has strengtened against much of the world because the chickens are coming home to roost for many of these left leaning nations:

JOHN MAYNARD KEYNES once likened investing to judging a beauty contest. For today’s currency investor, however, none of the main contestants looks that fetching. “It’s more like an ugliness contest,” says one hedge-fund manager.

The dollar, for all its blemishes, is the least hideous-looking. So far this year it has risen against the other main currencies (the yen, pound and euro) that are traded internationally and held as reserves by central banks. It has risen most against the euro, which started the year at $1.43 but bought just $1.28 on May 6th (see chart). The euro has slumped in part because the Greek crisis makes it look a poor choice for reserve managers hoping to diversify their big dollar holdings. The variable quality of euro sovereign bonds is now much harder to ignore. Treasury bonds, with their liquid markets and unique issuer, look prettier.

Don't worry though, Obama is on top of it.