Euro Optimism: Pavlov would be proud!

It's a common lament.  The fundamental economic picture for the Eurozone single currency countries appears much worse, on a relative basis, than what we see in the United States, yet the euro currency doesn't seem to reflect that reality.   After much reflection on this topic, I think I finally figured it out-it's a Pavlovian reflex response!  Let me explain...

There was once a man named Pavlov.  He had a dog...    

Currency Currents 1 September 2012

 

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