It's not the weak dollar that bothers me so much, as the reasons behind the weakness: our twin deficits, the trade deficit and the budget deficit. We consume more than we produce, and we spend more than we collect in taxes. We maintain our lifestyles by borrowing from foreigners. China could collapse our economy by selling off their dollars and refusing to buy our bonds. Of course, it's not in their interest to do that; we're their biggest market. But if the deficits keep increasing and the dollar keeps weakening, foreigners will be more and more reluctant to invest their money here.

This is not a liberal vs. conservative issue. Experts across the political spectrum are sounding warnings over the deficits: Paul Volcker, Robert Rubin, Alan Greenspan, and many others.