Rich — you note below:
But not only has the decline of the dollar not registered as a political issue, it’s barely been the subject of commentary (our own Larry Kudlow has been an honorable exception).
But the weak dollar has registered as a political issue. What do you think Ron Paul has been talking about for the last year? In fact, in Tucker Carlson’s New Republic profile of Paul he notes that Paul’s discussion of the weak dollar and “sound money” is the biggest applause line from his stump speech.
Now I really like much of what Paul stands for in principle, but once again the good doctor has the the right diagnosis but the wrong treatment. The weak dollar is a huge problem, but I’m not sure the gold standard and questioning the constitutionality of the Federal Reserve are politically practical ways to deal with the issue in the 21st century. But I think Paul’s surprisingly strong candidacy means that more than enough people understand the problems of a weak dollar for it to become a strong political issue should the major parties engage it.