DOL­LAR RE­TURNS

The Washington Times Weekly - - Politics -

“The state of the dol­lar prob­a­bly hasn’t been a first-tier po­lit­i­cal is­sue in the United States since, say, the pres­i­den­tial elec­tion of 1896,” James Pethokoukis wr ites in a blog at Reuters.com.

“Back then, it man­i­fested as whether or not Amer­ica would stay on the gold stan­dard or switch to a bimetal­lic one. (The William Jen­nings Bryan ‘cross of gold’ speech and all that.)

“The af­ter­shocks of the global fi­nan­cial cri­sis may now be pro­pel­ling the dol­lar back to the po­lit­i­cal fore­front. The green­back’s con­tin­u­ing slide makes it a handy met­ric that neatly en­cap­su­lates Amer­ica’s cur­rent eco­nomic trou­bles and pos­si­ble long-ter m de­cline. House Repub­li­cans, for in­stance, have been us­ing the weaker dol­lar as a weapon in their at­tacks on the Ber­nankeled Fed­eral Reser ve,” Mr. Pethokoukis said.

“For more ev­i­dence of the dol­lar ’s re­tur n to po­lit­i­cal salience, look no fur­ther than the Face­book page of Sarah Palin. The 2008 GOP vice pres­i­den­tial nom­i­nee and pos­si­ble 2012 pres­i­den­tial can­di­date has shown a knack for iden­ti­fy­ing hot-but­ton po­lit­i­cal is­sues, such as the pur­ported ‘death pan­els’ she claims to have found in Demo­cratic health care re­form plans. In a re­cent Face­book post­ing, Palin ex­pressed deep con­cern over the dol­lar’s ‘con­tin­ued vi­a­bil­ity as an in­ter­na­tional re­serve cur­rency’ in light of huge U.S. bud­get deficits.”

Greg Pierce can be reached at 202/636-3285 or gpierce@wash­ing­ton times.com.

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