SOS! As the Dollar Sinks, So Goes the Recovery

Mayday! The dollar is under attack. Last week’s big news was that the dollar had dropped to a post-war low against the yen. Imagine: the dollar traded lower against the yen, at Y75.31, than it has at any time in more than six decades. Lower than during the 1980s, when it looked like Japan was about to acquire the entire United States, or at least Hawaii.