I think Mr. Dent addresses this on his website. I believe he said that housing was an alternative bubble that took some of the juice out of the Stock market bubble.
Yeah, those calls are very questionable, but he was very accurate on the bull of the 90s and the run from 03-08. He also called for a commodity bubble in 08-09 back in the 80s! There's no denying the cycles. Look at his 10-year cycle. I posted it in another thread, it's amazing. 2010-mid 2012 are going to be extremely ugly.
I'm no fancy economist but usually all those red arrows pointing downwards and stock tickers in the minus numbers usually mean something.
THE DOLLAR ISNT GOING TO COLLAPSE! YET. ! Central banks around the world are pursing keynesian economic stimulus. The net effect on any one country's currency is nil. The dollar index may continue to go down. However inflation in the US won't pick up in the near future. The US economy is still very bad and velocity of money very low. Right now I am leaning more towards a "slow crash" scenario than a "hard crash" one. The US economy will be extremely weak for at least the next 10 years. Major challenges include: Declining oil production versus demand. 9T in additional US Government debt. High unemployment and lack of job creation "jobless recovery". Decrease in productive labor force as retirees increase. Increase in social unrest (town halls are just the beginning) *etc. fill in the blank*