There are a number of reasons for the declining power of the United States dollar, including the policy of the Bush and Obama administrations to run up record deficits, but the Politico is suggesting another reason:
On Tuesday, Matt Drudge ran a headline about the weakening U.S. dollar on his website, Drudgereport.com. In and of itself, that would be unremarkable, except that it was the 18th time Drudge had posted a link to a story about the weak dollar this month.
And October was only 20 days old.
Clearly, Matt Drudge has developed a fascination with the declining U.S. dollar.
“He’s fixated on it,” said Tom Rosenstiel, director of the Pew Research Center’s Project for Excellence in Journalism. “There’s no question that Drudge can alter what people are paying attention to.”
This basically suggests we ignore the fact that the dollar has been in decline since the creation of the Federal Reserve System and that reckless spending by since then might have actually caused this crisis we are currently experiencing.
The power of the dollar doesn’t rest in the hands of Matt Drudge or websites like this. The power of the dollar should be determined in the free market, but that hasn’t happened since 1913.Published in