[PEN-L:4437] Re: Becker Letter to President Clinton

[Dennis R Redmond <dredmond@xxxxxxxxxxxxxxxxxx>]

On Thu, 18 Mar 1999, Louis Proyect wrote:

> The Euro has been in a funk because the European economies can't compete
> with America's.

What's the evidence for this? Sure, if the EU borrowed $400 billion a year
from other countries, it could grow 4% a year, like the be-bubbled US,
instead of 3% a year. But per capita growth in the EU has been faster than
US per capita growth over the Nineties (shocking, but true), and this, in
an environment of fairly high interest rates, which has held back
growth in Italy and Spain.

If you're talking the Dow Jones vs. the Dax, well then that's another
story entirely.

-- Dennis