Today, the NYT is telling us that, "oil, foodstuffs and many other raw materials are priced in dollars, and as the currency falls in value, suppliers of these commodities demand higher prices just to stay even."
Suppose all of these commodities were priced in pig intestines and the dollar fell? It would cost us more dollars to buy pig intestines and therefore it would cost us more dollars to buy oil, foodstuffs and other raw materials. Come on folks, this is real simple, it doesn't matter what currency is used to keep the accounts, if the dollar falls in value, the cost of everything will rise in dollar terms.
This piece also commits the sin of having an economist, who somehow missed the housing bubble, say that it would be bad for the dollar to keep falling. This economist is wrong yet again. The surest way to stimulate the economy is to have the dollar keep falling. It will increase our exports and decrease our imports. This process must happen in any case and it is best that it happen as soon as possible.
A second Trump administration will cement a right-wing majority on the Supreme Court for a generation, and put our collective future in the hands of someone who will be virtually unchecked by our institutions. The country has shifted rightward, and the reverberations will ensue for potentially the next few decades. In this climate, a robust independent media ecosystem will be more important than ever. We're committed to bringing you the latest news on how Trump's agenda will actually affect the American people, shining a light on the stories corporate media overlooks and keeping the public informed about how power really works in this country.
Quality journalism is expensive to produce, and we don't have corporate backers to rely on to fund what we do. Everything we do is thanks to our incredible community of readers, who chip in a few dollars at a time to make our work possible. Any amount you give today will help us continue reporting on what matters to our democracy.
