The dollar crisis

One of the great issues of our day receives almost no attention from the media, politicians, or public: the collapse in the value of the dollar. Yesterday's sudden 1000 point drop of the Dow and equally sudden near-recovery contribute to the public's unease -- a sense that something is seriously wrong with our economy, that "funny money" is sloshing around the world, making and destroying fortunes, while the rest of us toil in our vineyards just hoping to be able to pay our bills. It all seems out of control, making meaningless our humble attempts to accumulate some wealth to provide for our declining years/

The New York Sun points to the remarkable destruction of the dollar:

The collapse of the dollar to less than a 1,200th of an ounce of gold is emerging as one of the astonishing stories of our time. Yet even more astonishing is the lack of focus on that story by the intelligentsia in our press and politics. (snip)

It was less than five years ago that we issued, on December 5, 2005, an editorial called "The Bush Dollar." It charted the collapse of the greenback to barely a 500th of an ounce of gold from the 265th of an ounce of gold that it was worth when President Bush acceded to...  office.

Today, in the wake of the fiscal madness in socialist Europe, the dollar is strengthening against the euro. But that is no cause of comfort. As money elsewhere loses its value, our economy doesn't strengthen. An unwillingness to pay for what is consumed is a fatal conceit.
One of the great issues of our day receives almost no attention from the media, politicians, or public: the collapse in the value of the dollar. Yesterday's sudden 1000 point drop of the Dow and equally sudden near-recovery contribute to the public's unease -- a sense that something is seriously wrong with our economy, that "funny money" is sloshing around the world, making and destroying fortunes, while the rest of us toil in our vineyards just hoping to be able to pay our bills. It all seems out of control, making meaningless our humble attempts to accumulate some wealth to provide for our declining years/

The New York Sun points to the remarkable destruction of the dollar:

The collapse of the dollar to less than a 1,200th of an ounce of gold is emerging as one of the astonishing stories of our time. Yet even more astonishing is the lack of focus on that story by the intelligentsia in our press and politics. (snip)

It was less than five years ago that we issued, on December 5, 2005, an editorial called "The Bush Dollar." It charted the collapse of the greenback to barely a 500th of an ounce of gold from the 265th of an ounce of gold that it was worth when President Bush acceded to...  office.

Today, in the wake of the fiscal madness in socialist Europe, the dollar is strengthening against the euro. But that is no cause of comfort. As money elsewhere loses its value, our economy doesn't strengthen. An unwillingness to pay for what is consumed is a fatal conceit.

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