Jake,

I'm not sure what you want to compare here. The economic slowdown is an delayed effect of the financial markets as european companies now are suffering from effects that were started in the US in the first place. Companies do suffer from a low dollar and a high euro as exports are down and income from american affiliates are less because of the low dollar and global financial problems there. So what we are seeing is an effect of financial markets trying to find their new balance. We will have to see how this works out.

The problem I think is the HUGE trade deficit that the US runs and the fact that the US dollar is losing grounds on the reserve currency markets.The main problem IMO is that the US is living on the credit of their china express. The US has become so much depended that it becomes increasingly scary to think of what happens when china stops financing the US trade deficit.

As for the euro... don't forget that the euro still is almost twice as much worth than shortly after its introduction, so euro has proven to withstand that test already. It has risen under the rise of the oil prices as the value of US dollar is more suspectable to the oil prices than the Euro. Now the oil prices dropped, the dollar rose agains the euro (The british pond barely moved agains the euro). Don't confuse the economical situation in euro with the value of the euro.

At least here in the netherlands, things are not that bad. The inflation is the lowest in the union and the growth figures are not that much dfifferent from what we have seen. Unemployment is even lower than that of the US, to a point that it is beginning to hurt (Can't find suitable personel). the housemarket is a bit unsure as the interest rates are up to keep the inflation in control. I'm not that happy about it as I'm trying to sell my house at the moment.





>In light of the continued attacks upon the American non-recession I'd like to welcome Europe to the fun. Let's see just how well they hold up to an economic slowdown pumped by media speculation and political pandering. Will it actually fall in two consecutive quarters? Will the individual countries and how will it be reported? After enduring the non-recession over here for over a year now it'll be nice to enjoy the show across the pond and to see how it's treated by the global media and our European citizens.
>
>The US has had to endure this trumped up crap while the dollar dropped, oil spiked, the housing bubble burst and credit crunched. Yet we're prevailing with positive growth, minimal unemployment, expanding exports, increased tourism and of course political pandering both in words and bailouts.
>
>Lets just see how Europe fairs while the dollar rises, the oil trade unwinds and their housing markets contract. Supposedly constructed as a trading power to rival the US, it'll be interesting to see how they handle their first real economic test.
>
>http://www.bloomberg.com/apps/news?pid=20601087&sid=at.u1aw0Pjy8&refer=worldwide
>http://www.dw-world.de/dw/article/0,2144,3547486,00.html
>http://afp.google.com/article/ALeqM5jMTrFbdxH2pvvDVmej46d0ubHR4g
>http://www.telegraph.co.uk/opinion/main.jhtml?xml=/opinion/2008/08/08/do0801.xml
>http://www.breitbart.com/article.php?id=080808153356.tmuj1avt&show_article=1