Morrie the Toupee Salesman

The day after John McCain makes a major policy speech outlining his “more of the same” plan (tax cuts, spending cuts limited to non-military items) the dollar dropped to new lows and CNN reports “severe weakness with the dollar.”

I think that the financial markets have decided (and they’re probably right) is that whatever stuff Obama or Clinton have to say, doesn’t really matter anymore, because they’re not going to win. The future is Republican, and it’s not pretty.

I also think that when the Chinese and European debt-holders finally impose fiscal discipline upon the US, the litmus test is going to be cuts to the military. That’s probably not going to go over well.