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Just so. Now if we could just reign in spending, lower taxes some more and get some real tort reform we would be OK.

We may find that Bush actually holds spending somehow...something about his "legacy." We shall soon see.

The only thing that worries me is if we cut back on R & D funding. We need some sort of consensus that raises that substantially over time. This means, of course, going after entitlements. We will see. With Bush I am beginning to think that anything is possible.

I'm just a pedestrian in this stuff, but I've been amused by it ever since planning an Italy trip last Spring. Turns out we timed our euro buy as best as possible over the last year.

So here we are again, and the euro can't bust either nut or a screw or a buck-thirty. It's like Bill Clinton on an intern: desperately wants it both ways, but'll have to settle for the cheap thrill. The dollar's decline has paid in anti-Bush rhetoric more than anything else. Sure, quick bucks have been made a-plenty, but only with good timing, which, as ever, is nine-tenths of wisdom. Like the 1970s gold hoarders, the dollar-shorts that bank on American political doom will spend their lives watching the clock.

Anyway, it's all quite something to watch. I doubt a Chinese sell-off. As China's growth stabilizes, they'll need to throw those bucks back into a market with real value. Look for over-valued, high-end real estate deals and the like. America has a long, long history of ripping off ferners. Any bets on how the Chinese-R-Gonna-Pay? (Heh, didn't we buy Taiwan time through the '08 Beijing Olympics?)

The biggest sign that the dollar's fall is over: the MSM has turned it into news. Selling the greenback short was a profit game a year ago. Now that everyone knows it, it's over.

The real beauty of low dollar today is seen in EUropean-US Relations (Political and Economic). The is mired in non-growth on the continent (only growing GNP is off shore investments, not at home). The higher EUro does make investments in EUroland less attractive, thus accelarating the move to off shore investments and not at home. Some of this off shore investment will end up in a stable market called the USofA which can always be counted upon, much like a bank, to retain your assets.

The EU was stung very hard in 2000 when the US dollar based equities and markets took a plung, along with their investments, which in turn hurt budget planning which need those returns to fund the socialist economies of EUroland. The EU will not easily be re-attracted into US markets or stocks, but this weakness in the dollar has the political and economic potential to hurt our greatest detractors, e.g., Herr Schroeder and Comrade Chiraq, and to a bigger extent but of lessor import the Kings of Beligum and Lexumbourg.

A weak dollar will reverse out flows of dollars, inflows of imports which coupled with all the rising indactors int eh economy - plus the revamped tax code which will stimulate TAX RECEPIPTS as a dividend.... the US Economy will be back in everyone's Eyes and the US Government's debt wiped out. Regean-nomics is real given the time and Bush got things rolling 10-months ago - he now has four years to watch the economic hopes of democrats sink with prosperity!