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Wednesday, January 20, 2010

Rosenberg - Dollar looks good med term - ?

...a Euro-zone “bailout” would unleash “monstrous moral hazard” and let’s face facts, it’s not just Greece (with a 12.7% fiscal deficit/GDP ratio it has to close), but Ireland (12.2%), Spain (9.6%) and Portugal (6.7%). Italy looks downright austere with a 5.5% deficit ratio (though its debt is sky-high at 97% of GDP). While it is fashionable to be bearish on the U.S. dollar, at least against the Euro, the greenback may well be a safer place to be until these fiscal storms pass across the pond.

---Rosenberg, 1/20

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