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Originally posted by wisintel
Actually from my observation, if the Euro were to collapse it would be a boon for the dollar. When the Euro looses value the dollar inevitably goes up. What the crash of the Euro would hurt is our stock market believe it or not. If you watch closely, when the Euro dips, it raises the dollar which is awful for the stock market. Not sure what the technical connection is, but I can say as an amateur observer of the market, it drops with the Euro and rises when the dollar falls.
"A global financial system with national regulators was never going to work," he said.
He called for a "global constitution for banking" that would stop banks from getting around financial regulation by relocating activities to less strict countries, or by using "shadow banks" - companies that behave like banks but are not regulated.