Matt Drudge for Treasury

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Newsman Matt Drudge is being blamed for the collapse of the dollar, says a headline on the Drudge Report. It links to a story on the website The Washington based news site reports that Mr. Drudge has developed what Politico calls “a fascination” with the declining dollar. It quotes some sources as doubting that Mr. Drudge moves the market per se. It quotes others who think Drudge’s dollar coverage is political. It quotes the director of the Pew Research Center, Tom Rosenstiel, as saying in respect of the greenback that Mr. Drudge is “fixated on it” and adding that there’s “no question that Drudge can alter what people are paying attention to.” By Politico’s count, Mr. Drudge has posted a link to the dollar story 18 times in the first 20 days of October.

By our lights, this is proof that Mr. Drudge has 18 times better news sense than those who have been ignoring or underplaying one of the great stories of a generation — the destruction of the value of a currency that had been the envy of every country in the world and the principle reserve currency for the most responsible of them. Maybe they ought to make him treasury secretary. These columns have been warning of this since early this century, starting with an editorial called “The Bush Dollar,” which was issued in 2005 and warned that the dollar had collapsed to less than a 500th of an ounce of gold, barely half what it was worth when the 43rd president took office.

Since then, the dollar has collapsed to less than 1,000th of an ounce of gold — a catastrophe that seems to be appreciated by few other newsrmen than Mr. Drudge, Steve Forbes and the editors of the Wall Street Journal. And one lone congressman who is an obstetrician by trade, Ron Paul. We would have thought that the start of a new administration, particularly one that campaigned on a promise of “change,” would see this moment in history as the chance to take a fundamental look at the dollar. We wrote about that hope in an editorial called “Golden Opportunity.” But Washington seems to be determined to look away from the collapse of the dollar, leaving it to Mr. Drudge to to the job we’d have thought the Treasury Secretary would have done and issue a daily warning in respect of the drain of value from the currency with which so many millions of Americans measure what’s left of their wealth.

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