Other beneficiaries have been Switzerland (although the Swiss Franc has been driven up so much that the Swiss government has been forced to print to try and drive the Franc back down, it was killing their largely export oriented economy), the Canadian Dollar and the Australian dollar. Some benefit to certain South American countries that have commodity based economies but not quite so pronounced, Brazil for the most part.
I've been of the opinion that the Euro won't be allowed to fail and still am, but the level of almost hysterical rhetoric has gone mainstream, rather than remaining the purview of writers of blog headlines, so I'm going to have to take a long hard look at currency exchange rates tomorrow.
Thanks for the perspective.
Commodity based?
Ann Barnhardt has been warning for months about a collapse in the commodities trading market. Advising her customers of the past to maintain physical possession of their commodities.
And for the really wild stuff like derivatives, that is a real wild card.
“but the level of almost hysterical rhetoric has gone mainstream”
Because “We the People” whose vote is neutered, are closing wallets, big time. Wallet shutdown.
Is there a dynamic at play to cause any nation to want to jump first?
FYI - when the SWF began to rally as a flight to safety in Q4 2011, the SNB decided to Peg the Franc to the uro to maintain a threshold FX of SWFEUR 1.20.
The SWF is partially backed by gold, which initiated the imbalance.
With the SNB purchasing more EUR on weakness to maintain the Peg, the SNB utilizes a Swap to weaken their currency vs easing the money supply.
The Swiss Peg is also one of the main reasons why the EURUSD hasn’t gne to parity.
Eventually it would seem that the EURUSD will meet par, but if Greece exits - then the EUR would only increase in FX vs other currencies.