I think over the next several months/years (macro view) we are going to see the biggest rally in USD we have ever seen! Why? With credit destruction, total dollar equivalents are being destroyed. Even with FED and $1 trillion in the grand scheme its not enuff. Really because everyone who was going to is already short the USD, as repatriation occurs, USD will rally; all other assets fall (Deflation). Ironically, its because of our credit sins versus say Euro who are more conservative, that we will see our currency which has been heavily shorted rally and because Euro didn't, the will sink. Thats the theory. lets see what happens. So in short, as things keep getting worse, our currency will get strong and stronger.. twisted eh? I know the alternate ending is that the FED hyperinflates to prevent this from happening, but I don't think they can (ie banks have to lend and people have to borrow); amazingly, a strong dollar will be bad for our economy as well. So strong dollar and all other asset classes short (already happening, or at least relatively with everything falling).