Firstly, the emotion on the speculation of hedge funds is not justified. Hedge funds have been reduced by two and the $ 1 trillion they represent a range of different funds, some of them acting on the foreign exchange market. This amount represents less than the value of daily transactions on the exchange market. They do not in any way the ability and mean to destabilize the euro and speculation to $ 1 dollar interest. The future market is still three months was $ 1.30.

We have to stop back by the specter of a speculation on Sterling by George Soros twenty years ago: the foreign exchange market was smaller and we did move the Sterling £ 1 billion. The pound is a currency that does not count anymore.

We just experienced a period or the euro has grown that is not justified by the terms of trade exchange. This growth was due to the structural weakness of the dollar. It also affects other currencies, and particularly the Japanese yen and Chinese yuan. As the currency most held worldwide after the dollar (30% of world reserves), the Euro was at the forefront.

What happens is the discovery by the markets for certain structural weaknesses of the Euro, the Maastricht Treaty, the Stability Pact and the management of the Eurozone. The press’s help we had a false impression of a speculation or everyone is down.

For my part, I leave for Paris tonight (if the snow storm in New York will allow me) and am delighted to pay only $ 1.35 for one Euro against $ 1.50 at the beginning of the year. Since France is the most expensive country in the Euro zone, perhaps I can afford to do some shopping.

More importantly, the Euro area exporters are being massively covered their sales at a rate which will allow them to sell in a better foreigner. There is always a bright side to bad luck. Too bad it is for the wrong reasons.

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1. Spain is not on the Brink: let everything mix.