Because -- at least I believe -- the financial markets are machines. They don't care about personality and only care about politics as far as it concerns economic policy. You could have a one-eyed, drunken, sword-waving dwarf in a diaper in the White House and as long as he (somehow) made good economic policy, the markets would respond favorably. Right now (again I believe) the machine of the financial markets looks at the U.S. and sees a massive amount of public debt, gigantic trade deficits and consumers in hock up to their eyeballs living in over-valued homes. And that's the cause for concern.
I am sorry, but I don't agree that even economic policy is that ideologically pure. European political views cloud their judgment on morality, immigration, foreign policy, and social issues. But, we are asked to believe that the pillar of economic idealism is clear headed and sober. Sorry, I don't accept that.
When I lived in Europe during the transition to the Euro, there was much vaunted talk about how "our currency" would eclipse the "hated US dollar" in the world. I was doubtful the Euro would actually be adopted really. The news was filled with articles that the Deutsch-mark would be preserved in some fashion or another.
But it happened, and ever since, the Euro has paralleled the ambitions of some European nations to band together and throw out American dominance.
The irony is that a weak dollar actually hurts many Europeans. The layoffs in Germany continue. The strikes in France increase. The debt of Italy gets worse.
What I believe will be a result of all this is a catalyst towards a single world currency. I used to believe this would never happen. But the Asian markets are going to push for it now. Again, I never thought the Euro would happen, but it did.
I knew that Tom Daschle was politically ambitious, but when did he lose sight in one of his eyes?
Yup. All of the above. One may criticize the internal debt of Euro nations but I don't think they've racked up anything like our cumulative external (foreign) trade debt thanks to running foreign trade deficits each year since Lord knows when