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I just don't buy it. I have been listening to Mr. Jean-Claude Trichet, El Presidente of the European Central Bank (ECB) speak for a long time. I fully understand that the ECB has a single mandate, which is to fend off inflation.
The difference between the ECB and the Federal Reserve Bank here in the U.S. is that the Fed wears many hats. It is in charge of that same fight with the evil inflation, but it is also charged with supplying the proper stimulus to insure economic growth.
Generally, with growth comes employment. So, as we here in the U.S. have had the benefit of aggressive stimulus in the form of easier and easier monetary policy, the ECB has had to stand pat.
Because we were in an easing cycle, one of the collateral risks was heating up....inflation in the form of higher energy and food prices. We realized that the risks were weighed and that falling into a recession would be more harmful than falling into a $4 gallon of gasoline.. So, the Fed cut... and cut,... and cut again.
Another one of the sidebars to monetary easing is that the currency running the economy under easing pressure would find value elsewhere. That's where the rub was.
As we lowered rates and the rest of the developed (and not so developed) world held steady, traders turned to those foreign currencies for returns. Hence, the dollar slid and the Euro, Loonie, Aussie, Yen, Real and most other currencies gained..........
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