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“Non!”

Confirming weeks of pre-referendum concerns, France rejected the very constitution it helped create this past Sunday by a rather sizeable margin. Expect Holland to follow suit, as the French rejection has tremendously shaken the European community’s confidence in the validity of the proposed constitution. Back to the drawing board, boys.

An early sign of what will undoubtedly be a string of post-rejection shockwaves, Europe’s currency has seen its appeal cool off, as investors’ lack of confidence in the rattled financial environment of the EU has pushed the value of the dollar back up. Let’s hope we can capitalize on the current attractiveness of our currency, before investors remember our massive debt and once again look elsewhere.

May 31, 2005

One euro equals 1.23479 dollars