Re: Decline of the dollar

["Devine, James" <jdevine@xxxxxxx>]

Robert [no relation to Paul] Samuelson writes> But beyond all the upbeat
indicators lurks a potentially frightening problem that unsettles even
the wisest and most seasoned economic observers. It's not government
budget deficits, a possible housing bubble or even $2-a-gallon gasoline.
It's the dollar.<

It's _both_ the housing bubble _and_ the falling dollar. The former
means that the latter could have a bigger [negative] effect on the US
economy than otherwise. Add in consumer indebtedness, it's a recipe for
disaster. If GDP falls, then corporate debt (which had become bearable)
suddenly becomes unbearable again. 
Jim Devine