worthless-dollarLots of dollar bears out there. Contrary indicator, or is the ~100-year dollar destruction trend accelerating? Thoughts? I’m going with the latter, but a short-term $ rally is certainly possible.

HSBC Bids Farwell To the Dollar – (Guardian) “The dollar looks awfully like sterling after the First World War,’ said David Bloom, the bank’s currency chief.”

US Debt Crisis May Cause “Fall of Rome” Scenario – (Bloomberg) Richard Duncan, author of The Dollar Crisis (2003) makes the case

America On Sale: Weak Dollar Boosts Stocks – (CNBC) “A weak dollar contributing to a strong stock market and economy may make investors feel like they’re living in some type of Wall Street Bizarro World. But for policymakers, the relationship is just fine for now.”

Brad Delong’s Takedown of David Levine’s Takedown of Krugman – (Delong) I don’t particularly agree with either side of the argument, but it’s fun to watch. h/t BR

Let’s Say RIP to PPIP – (Rolfe Winkler) “Sure enough, the winning bidder elected nearly the maximum available amount of non-recourse leverage, resulting in a 22 percent premium for the assets over bids that didn’t take advantage of leverage.”

Gata Says Fed Admits Hiding Gold Swaps – (GATA.org) “The Federal Reserve System has disclosed to GATA that it has gold swap arrangements with foreign banks that it does not want the public to know about. The disclosure contradicts denials provided by the Fed to GATA in 2001″.

The Elephant in the Room: Do NOT watch if you’re easily offended. By things like an elephant having his way with cartoon Gordon Brown. Or cursing. The following video is mean-spirited, crude, and funny.

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