Today's Big News: Japan to stop bailing out $$

I file this one under Big Stories that travel under the radar because the media is more interested in Britney and Madonna or Howard Dean's wife.

The Bank of Japan is no longer going to buy lots of dollars to support our currency. That leaves China as the principal subsidizer of the dollar.

With oil prices on their way up (to a certain extent as they do every summer but this year's price rises are looking more ominous)  - we are going to find it even more difficult to afford our cushy American lifestyles - especially given the fact that America has one of the lowest savings rates in the world. We don't support our own currency - the Asians and oil Arabs do.

Japan to phase out $$ supports