transferring wealth to republicans

At the beginning of 2003, one euro bought one U.S. dollar. Eighteen months ago, it bought $1.20. Now it is pushing $1.50, and there is no reason to think that it will stop there. Three of the world's biggest oil exporters, Iran, Venezuela and Russia, are demanding payment in euros rather than U.S. dollars. Last week a Chinese central bank vice-director, Xu Jian, gave voice to the suspicion of many others, saying that the U.S. dollar was "losing its status as the world currency."

The main reason for the collapse of the U.S. dollar is President George W. Bush's attempt to fight expensive foreign wars while cutting taxes at home, largely for the rich. As the U.S. dollar fell in value, the price of oil (which is usually calculated in dollars) rose to compensate for it. So, you and I are paying for this wealth transfer to these rich republicans.