Chicken Little did not live in vain...
I have an embarrassing confession to make: I like to look at www.RedState.com.
It's the entertainment value that attracts me. Yes, it is a disgustingly perverse hobby, but as our beloved Bill Clinton used to say, "I don't inhale."
One of the RedState bloggers calls himself Dan Perrin, although I'm sure that his real name is Chicken Little. Here's a sampling of his recent blogs:
The Dollar is the New Peso, Sept. 29, 2009
The World Moves Against the Dollar, Oct. 5, 2009
The Record Deficit and Dollar Meltdown, Oct. 8, 2009
According to Chicken Little, this is all President Obama's fault.
Comparing the dollar to the euro, here are a couple of points to keep in mind:
- During George W. Bush's eight year reign of error, the dollar lost 30% of its value, falling from 1.07 euro to 0.75 euro.
- The dollar's current value is low (0.68 euro), but it's still 8% higher than its all-time low in April, 2008 (0.63 euro).
May I suggest that it's a bit premature to predict the dollar's demise and to pin it all on Obama. As former Chinese Premier Zhou Enlai purportedly replied when asked his opinion of the French Revolution, "It is too early to say."
Get back to me again in seven or eight years, Chicken Little.