The US dollar, as previously stated, is staring into the abyss. Last year, it was saved by Greece announcing that they were almost bankrupt. Can they save the dollar one more time by actually announcing a restructuring of debt this time? I am not so sure. Note that when Portugal applied for emergency funding, the USD hardly moved. When the "True Finns" pushed firmly into the Finnish Parliament a few days ago, running on a "no more bailouts"-agenda, the USD hardly moved either. Maybe the markets have come to realize that PIIGS going bankrupt doesn't necessarily mean the euro should crash, rather it all comes down to how much they are willing to monetize at the ECB to prevent such a thing from happening.
Maybe a pan-european collapse of governments and banking will be good for the euro. It sure as heck would be deflationary, that is for sure. Maybe the dollar is about to meet his maker, or at least finally take some serious punishing for the actions of Ben Bernanke and his printing crew? Stay tuned.
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