The U.S. dollar is now under incredible pressure, and the timing couldn’t be worse. The U.S. economy is also sinking fast. This places the Fed between a rock and a hard place. To support the greenback, the Fed needs to raise U.S. interest rates…but their classic response to the threat of an economic recession is to lower those same rates.

The price of oil just keeps going up. It reached nearly US$123 in New York trading over night.