Pat Buchanan's op-ed "Sinking Currency, Sinking Country" is supposed to alarm Americans:
The euro, worth 83 cents in the early George W. Bush years, is at $1.45. The British pound is back up over $2, the highest level since the Carter era. The Canadian dollar, which used to be worth 65 cents, is worth more than the U.S. dollar for the first time in half a century. Oil is over $90 a barrel. Gold, down to $260 an ounce not so long ago, has hit $800.
These numbers, however, are not graphic enough. What is really alarming is that "hip-hop maven Jay-Z in his latest video shows off his wealth by flashing stacks of 500-euro bills, " writes the Wall Street Journal's Economics Blogger and quotes a Minnesota newspaper that calls Jay-Z the "New Alan Greenspan"
"It's sad that rap stars can no longer show their style with a good old $500 bills (featuring President McKinley) and now need to flash 500 euros (featuring some sort of suspension bridge). I don't need the chairman of the Federal Reserve to tell me about the state of our economy. I just need Jay-Z, the new Alan Greenspan.
Endnote: Did you know that the evil European Central Bank prints 500 Euro notes in order to appeal to drug smugglers? The Corner on National Review Online