Europeans shop for bargains in NYC

The Bush "strong dollar" policy has made shopping trips to America all the rage across Europe. With the dollar hitting lows not seen since the Nixon years, Europeans are flying to the US for weekend shopping trips in "cheap" places such as New York City. Travelers who normally could not afford to visit the US are now arriving in droves, much like Americans who would fly to Mexico on a cheap holiday.

During my own recent trip to the US, this was the talk on the flight. While shopping, store clerks confirmed the high number of Europeans stocking up on just about everything. (I was however shocked at the emptiness of stores and malls. I expected long lines, but never waited myself, though a few clerks told me that lines were terrible last Saturday.) In the near term, shopping binges by Europeans might help fill in the gaps though long term, the pitifully weak dollar is going to be disruptive both for Americans as well as Europeans and the world. Balance may not be in fashion with this administration, but we need to move back in that direction soon.