The almighty dollar just reminded everyone that it is in the hands of the Geithner/Bernanke puppetmasters. Overtures to reform GSEs announced earlier helped everyone forget that Greek rioting does not fill a budget deficit and instead that we have a hole worth several trillion in the mortgage sector, courtesy of 25-50% artificially higher home prices, that is currently unaccounted for. So as the dollar plunged, the JPYEUR currency pair formerly known as the market, surged. Is regime 2 (weak euro) about to revert to regime 1 (weak dollar) all over again? The race to the bottom is about to enter the second lap.
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