Thread: The Dollar Is Under Attack

The Dollar Is Under Attack
Monday, November 19, 2007 5:01 PM
By: Christopher Ruddy

The dollar’s collapse — it is now down some 77 percent against the euro in the past seven years — is a good thing, we are told.

Good for whom? Not for America and not for you.

The traditional strength of the greenback has been a source of pride for Americans. More importantly, it has been a very real sign of our economic and superpower status.

Today, our dollar is under brutal attack because so much has gone wrong by our policy leaders in Washington and business leaders on Wall Street.

It has become in vogue to wring hands over the dollar’s fall — it’s nearly impossible to find a financial institution or media source that is not discussing the dollar’s decline. But Newsmax has been talking about the troubles facing the dollar for many years.

In fact, back in May 2006 the dollar was featured on the cover of Newsmax magazine. Our cover story — “Attack on the Dollar" — discussed the factors leading to the dollar’s decline.

Having missed the story, the political and media pros today largely have been spinning the dollar’s collapse as something good for you.

They argue that cheap dollars are good for U.S. exports. “. . . a weaker dollar is a big help to the U.S. economy, making exports more attractive at a time when consumer spending at home is slowing down,â€

It is definitely not good for me. We are taking the kids to see their grandparents in Ireland this next week. We won't be able to afford a cup of coffee at this rate.