In light of my column
yesterday arguing that the dollar desperately needs
strengthening (an argument also made repeatedly and forcefully by
many experts wiser than I), it is my duty to inform you that we are
all doomed. Apparently, our federal reserve chairman is an utter
nincompoop. Unless the Wall Street Journal mischaracterized a
paraphrase of some testimony he gave Congress yesterday, his
solution for today’s current economic problems is…drum roll
please…to be grateful that the dollar is weak!!! In not just any
story, but the lead story on page one of the WSJ, the big news is
“Dollar’s Dive Deepens as Oil Soars,” and the article provides
numerous indices that “the dollar is falling with new speed.” Yet
Bernanke “point[ed] to the weak dollar as a rare bright spot
helping exports, jobs and the trade deficit.”Â !!!!!
A bright spot, he says!!!! This is madness.
And even the few supposed advantages of a weak dollar cause even more problems involve even more price hikes. Witness this sentence from the same WSJ story: “A cheap dollar also fuels upward pressure on the prices of imports, a factor that complicates the Federal Reserve’s task of fighting inflation.” So Bernanke makes the dollar weak, which makes his own job harder. Brilliant. As the news story also notes, the administration is also at fault: “The Treasury Department, while officially supporting a strong dollar, has not protested its mostly gradual decline.” Of course, now the decline is no longer gradual; it’s just short of a free-fall.
And nobody anywhere in power seems determined to arrest that fall.
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
Was the President done in by the economy, or by the politics of the economy?