Everybody's been mocking the eurozone authorities for pushing the euro too high and being stuck on damaging "hooverian" policies that worry about imaginary inflation at a real cost in jobs (and people like redstar have made that case here as well), while lauding the more pragmatic UK and US approach which effectively amounts to a devaluation of the currency.

Now that the euro is going down a bit, is this seen as good news? No - it's yet again a sign of terrible things for Europe.

In the long run, we're all dead. John Maynard Keynes