> pre-rate-cut partying) have to find somewhere to put their dough. Neither
> Europe (drooping demand, decreasing capacity utilisation and increasing
> inventories) nor Japan (drooped demand and already low capacity
> utilisation) are particularly attractive.
Only for short-term currency traders. The EU is doing fine, low rates plus feisty unions are generating plenty of consuming power, and the EIB is throwing serious money at Eastern Europe; Japan is growing slowly. But profits are way, way up in both zones.
The dollar crack-up is going to be ugly. I'd expect to see a lot of silicon get snapped up EU firms looking to pull even with East Asia, a la ASML's deft tentacle-wrap around SVG. On the bright side, all those euros will put a floor under tech wages.