It has been brought to my attention that many readers believe my continued criticism of the European financial markets equates to an OUTRIGHT BEARISH POSITION on the EURO. I have not discussed being short euro unless it is on some cross-rate without any DOLLAR exposure. My continued hammering of the European situation is to minimize exposure to the European banks and financial institutions that so many pundits continue to promote. THE EURO HAS BEEN BULLISH BECAUSE THE QE PROGRAMS PROMOTED BY THE ECB HAVE CONTINUED TO BE PAID DOWN, (UNLIKE THE U.S. WHERE ANY TALK OF TAPERING RATTLES THE GLOBAL FINANCIAL MARKETS). Less ECB liquidity floating in the markets has been a positive factor for the EURO CURRENCY, especially during the time of political buffoonery in the U.S. Money flows out of nervous emerging markets has avoided the DOLLAR and sought refuge in the world’s next largest reserve currency, the euro. Even with the positive forces pushing on the euro, there are other currencies that have RECENTLY outperformed both the DOLLAR and EURO: the Aussie, kiwi and even the lowly British pound. Until the ECB has to pump liquidity into the system to avert some problem bank or sovereign, the euro is a difficult short.