Baltimore – (TFN): The dollar is a dangerous entity these days. Never has there been such a globally important currency with as much political and financial manipulation.

The distortions from reality are mind-boggling, yet all of us depend on the status of the simple fiat for our financial wellbeing.

Is the rally over? Not at all! The world’s bankers say the economy is recovering. Investors believe them; they’re bidding up stocks.

The dollar edged up against the euro and yen on Monday in extremely thin trade as Wall Street surrendered earlier gains and traders repositioned themselves ahead of U.S. consumer and housing data due this week.

In the currency market, the dollar prolonged its freefall against the euro. Late Friday, the euro was trading at $1.3996 vs. $1.3904 on Thursday.

The Daily Reckoning’s currency expert Chuck Butler says the dollar is being taken to the woodshed. The greenback is losing ground against all major currencies as the credit crisis continues to wreak havoc in the U.S economy. Chuck says disappointing inflation or retail sales data this week will send the dollar to new depths…

Crude oil for July delivery traded at an all-time high of $139.12 a barrel on the New York Mercantile Exchange today (Friday), after the U.S. dollar nosedived on speculation that the European Central Bank would raise its key lending rate and on worries that a bigger-than-expected spike in unemployment meant the U.S. economy was far weaker than feared.

With a wheezing economy that’s struggling with housing and credit problems – as well as a weak dollar – it’s clear the United States won’t be in the investment spotlight this year.

Gold prices have skidded about 15% since the “yellow metal” hit an all-time record of $1,032 an ounce on St. Patrick’s Day.

Folks have three things on their minds this weekend: food prices, gas prices and Kimbo Slice. In other words, consumer sentiment hits 28-year lows and the only relief in sight is pure, unadulterated violence on CBS.

The trouble with getting older…Big Ben expresses himself…Globalization is no longer a force for good – but a force for evil…the Bear Stearns domino effect…End of the road for Hilary…a new hotline service – made just for central bankers…and more!