>I wonder how much the increase in the value of the
>Euro vis a vis the US dollar is tied to relative snlt
>in European commodities, compared with say, the more
>conservative lending policies of the many of the major
>European banks?
The move in the euro/dollar rate so far is mostly financial - short-term portfolio shifts. Productivity differentials take a longer time to work out.
>You're right, if the books on wealth production are
>being cooked, trouble will follow.
I don't think they're being "cooked." There are some conceptual problems with the U.S> productivity stats. For more, buy my new book!
Doug