Dollar at Risk of Becoming Toxic Waste

The Wall Street Journal reports that "The Group of 20 industrialized and developing nations vowed at this weekend's meeting to avoid "competitive devaluation" of their currencies while curbing their external imbalances, in a bid to generate more balanced global economic growth. However, the G-20 didn't announce specific targets for achieving their goal of "rebalancing" the world's economy away from an over-reliance on U.S. consumers buying imported goods."  Now, doesn't that announcement sound like something the "Oil Cartel would say?"  And, of course, we all know that cartels cheat like crazy.  And, who are the biggest cheaters?  Answer: Bernanke and Geithner, who are better known as Abbott and Costello.  Over the past two months, under the leadership of Bernanke and Geithner, the dollar has been trashed, losing approximately 14% of its value; and soft commodities (cotton, corn, wheat, soy, rise, and oats) have skyrocketed, which simply means that food prices will rise significantly.  Great job Abbott and Costello!

This is what I think of the current dollar situation.