Josh Childress Smiles at Your Exchange Rate
Remember last summer when Josh Childress signed his big deal with Olympiacos in Greece?
It was fueled largely by the fact that the dollar was weak, European currencies were strong, and therefore Europeans could buy American things (including lanky wings with killer hair) at what was, to them, a discount.
An anonymous TrueHoop reader just sent me a link to an older economics blog post with a killer graph which points out how the Euro has tanked vs. the dollar since then, and Childress may have lost so much money from that reality that he could have made more staying in Atlanta.
Those Euros that were such an asset last summer might not feel so great now ...
However, at the time this all happened, Childress' agent Jim Tanner told me something that seemed pretty smart at the time, but really smart now.
Childress' contract is in dollars.
Which has the effect of locking in the magically good exchange rate from the moment the contract was signed. It also means that now that the dollar is much stronger than it was, if Childress spends his own money in Europe (he gets a ton of stuff, including housing, provided by the team) now it's all on sale for him.
That could be handy this weekend, when he makes his way to Germany for the EuroLeague Final Four.
UPDATE: TrueHoop reader Matt points out that Childress is like the anti-Gisele.