A Stronger Euro Will Bring Us Jobs

Is anyone else rooting for $1.50 on the euro? I know, we are gripped with people who tell us to worry about the dollar. I am worried about jobs. How do we create jobs? The public sector can do it with infrastructure spending and an embracing of natural gas, which would create millions of jobs simply by a gutsy decision to switch from a dirty fuel we import -- oil -- and an even dirtier fuel from here at home -- coal. The natural gas futures keep ramping despite a decline in demand, a surfeit of supply and nowhere to put the stuff.

But for manufacturing orders? For aerospace orders? For steel orders? We need the dollar weaker. We need to be sure to that it is cheaper to buy here than there. We need to be sure that the competitive advantage is obvious to all. Just consider the case of Boeing (BA - commentary - Trade Now). Two airline companies are going head to head with new planes. Our plane will be so much cheaper than their plane that meaningful orders could course through the whole country. An astounding number of jobs are created by making planes.

You know what else we need? The healthy European companies to buy our companies. We have seen waves of buying from time to time when our currency has gotten hammered, and it's been joyous for those of us who owned shares in tech and drug companies where our companies just got too darned inexpensive vs. theirs.

And don't forget that our stock market has become heavily oil- and mineral-dependent, and a weak dollar sends these up. It is counterintuitive. We should go down on a tax like higher oil. But the S&P takes its cue from oil, and oil and gas and minerals are a big, big part of the S&P 500, making it very hard to short the index. This market likes higher gold, too, as a sign of economic strength. Again, counterintuitive, but we don't want to look through it.

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