OTHER THAN THAT, MR. BUFFETT, HOW DID YOU ENJOY THE SHOW?:

The cloud over the euro (David Champeau, 6/11/05, Asia Times)

With the effective end of the Growth and Stability Pact and the EU Constitution, we will see just what the euro is really made of. It has gone through one complete cycle, from introduction to bear market to bull market and global acceptance. This is a big boys' game, and the currency market can be a cruel place. With the current 8-9% growth of the money supply, 1% economic growth and 2% interest rates, compared to the US dollar's 4% money supply growth, 3-4% economic growth and 3%+ interest rate, the euro is looking weak. The ECB talks hawkish and it seems that it would like to raise rates and slow down the money supply growth. But with the economies of the euro zone growing ever more slowly, the ECB's hands are tied.