In a press conference today, President Bush reiterated that "we believe in a strong dollar policy," but he could have fooled us, considering what's happened to the greenback.

The dollar's ravaging continues today, and the news only seems to get worse.

Fed Chairman Ben Bernanke has clearly sparked more selling with his comments about potential bank failures and judgment that current challenges exceed that of the 2001-2002 slowdown period. Standard & Poor's earlier today said the U.S.'s credit profile could come under threat if consumers and businesses continue to pull back on spending, and analysts say certain central banks around the world are welcoming dollar weakness as a way to offset higher commodity costs.

Let's say it this way -- it was a big deal a while back when the Canadian dollar reached parity with the U.S. dollar. But if the current trend continues, pretty soon the Australian dollar will buy $1 as well -- it was lately at $0.9484. The euro, meanwhile, was closing in on $1.52, and the dollar is in danger of falling below 105 yen.

Something like this.