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The Bush Legacy: America is 30 percent poorer. The dollar's purchasing power against 26 other currencies has plunged by more than 30 percent (WSJ):

On Thursday, the dollar sank to a new record low against the euro, deepening a six-year slide in which it has fallen more than 40% versus the European currency and more than 20% against a broader basket of currencies. In late trading in New York, one euro fetched about $1.52, just two days after it surged through the symbolically important level of $1.50. [...]

The dollar's weakness adds upward pressure to the prices of commodities, most of which are traded in dollars. They're now soaring in value for a number of reasons including that they've become cheaper for buyers who hold other currencies, which drives up demand. An enfeebled dollar also means the reserves of many central banks are falling in value, a dilemma that isn't easily resolved.

The graphic is taken from the WSJ article, with one addition. The red line on the left side was added to show exactly when the Republicans, the self-anointed "grownups," took control of the White House and Congress.

We must give credit for our disasters where credit is due.

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