Krugman Forgets How Long the Dollar's Been Declining

by: Ira Stoll

On his blog, Nobel laureate and New York Times columnist Paul Krugman implies that the concern about the declining value of the dollar as measured against gold or other currencies is driven by anti-Obama partisanship:

Even now, the dollar is stronger than it was in early 2008. And the fall since its financial-panic peak (when everyone was rushing into the safety of US Treasury bills) has been trivial compared with the huge decline from 2002 to 2007. Do you remember all the scare stories, all the Wall Street Journal editorials, about the degradation of the dollar under Bush? Neither do I.

Mr. Krugman must either not have been reading the New York Sun or he must have come down with a case of amnesia; the Sun published at least a half-dozen editorials during the Bush administration bemoaning the weakening greenback, starting with one in December 2005 headlined "The Bush Dollar."