The euro has been one heck of a ride.
This spring it fell below $1.20 and people were wondering whether it would hit parity. Now it’s above $1.40, and we’re all speaking of a potential dollar crisis.
Yet we could easily see another down-leg.
The Eurozone still has to, well, fix all the problems which tanked the euro during the spring, warns Warren Buffett:
“This is a test, and I would say the test has not yet been passed,” Buffett said in previously recorded remarks presented yesterday at a conference outside Tel Aviv. “I’d rather watch it from afar than nearby.”
“There’s a real challenge when you try to get a large group of countries with different cultures, different attitudes toward fiscal policy, to share a common currency,” Buffett, 80, said. “I think it’s going to be an interesting one to watch.”
We have a feeling George Soros would at least agree. It was just back in February when he said that — even should Greece be saved from crisis — the euro is still fundamentally doomed as a currency.