Whats not to like: US companies are seeing higher profitability from sales overseas. Foreigners(ie. Japan and China) have to keep their currencies down or in check with the dollar and do so by buying US debt thus helping to keep our rates low. We've got a recovery going on while others are tepid in forecasting good times.
The continued decline in the dollar is STILL being ignored by wall street. http://finance.yahoo.com/q/bc?s=USDEUR=X&t=1y&l=on&z=m&q=l&c=
US is also complaining that they can not compete with China etc on labour costs and manufacturing...and want China to stop keeping its currency low. what happens if US gets its wish and no one wants US debt any more? Or worse still starts sending it back, suddenly US cant afford pot to piss in. The US has been funded by other countries for years buying its debt. And if oil gets priced in Euros like the talk that is going about then suddenly dollar will lose its one big hold as countries re-evaluate what they need.
Eventually (in our lifetime) the peg that the Chinese adhere to will be broken and the juan will either float or be revalued. The export driven countries need the US market and common sense says a weak currency beats out the rivals. Americans buy foreign goods and foreign countries buy US debt to keep their currency from appreciating. This seems the most logical, predictable and stable scenario. There is something more horrifying but I'm too lazy to post out all the possibilities. I wouldn't worry about oil in Euro's. Thats just anti-American rhetoric.
How about the US indexes just keep climbing with all that liquidity out there? Course the money won't buy much as even a loser like Saddam slept on a mattress of $100's. A world awash in paper.