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The Decline of the Dollar

By Matthew Yglesias  

"The Decline of the Dollar"

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Something I’ve heard a fair number of people complain about is that since Barack Obama took office the dollar has gotten a lot cheaper, or “weaker” as they say. This sounds bad to people, even though it’s probably a good thing under the circumstances. More to the point, it’s important to note the context:

dollar

Now if you know someone who spent all of 2007 and the beginning of 2008 lambasting conservative economic policies for destroying the value of the dollar, and then who felt that good things were happening to the economy during the fall and winter of 2008, as reflected in the rise of the dollar, then you know someone who’s a crazy crank. But he’s a crazy crank who’s earned the right to complain about Obama! But if you know someone who never mentioned the falling dollar in 2007, and never mentions today that the Obama-era “plummet” merely reflects a reversion to where things were before the financial panic, then you know a partisan crank.

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