Down on the Dollar, Up on All the Rest

Focus: GLOBAL

Igor Greenwald Image Igor Greenwald Chief Investment Strategist, MLP Profits

The gardening metaphor has infested financial commentary like a runaway weed, because who has time these days to tend one's prose?

There's money to be made on fertilizer and on beans. Green shoots have flowered, making it hard to recall exactly where one buried all that gold last fall.

These weren't some shrinking violets, either—more like vivid blooms signifying a thaw in the world's three most populous and arguably most promising economies.

First came news that India had recently grown at an unexpectedly brisk 5.8% annual pace, spurred by strong domestic demand for services. China chipped in with a pair of upbeat manufacturing surveys. The land of the free and the home of the downsized surprised with increases in factory sentiment, construction spending, and new agreements to buy homes.

So apocalypse has once again been delayed, leaving survivalists to spoon the surplus Spam onto generous servings of crow. Many doomsayers have understandably preferred instead to take their frustrations out on the US dollar. Some of it boils down to distaste for America or umbrage at controversial government policies.

Whatever the motivation, Russian crackpots and Hong Kong-based investing gurus are in agreement that the US is doomed.