Gas prices hit another record high. Soaring food prices ignite riots the world over. It should come as no surprise that a 71% increase in food prices since 2006 has the good citizens of South Africa, Morocco, Egypt, Ethiopia, Bangladesh and Mozambique up in arms.

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.

Actions taken by the Federal Reserve to calm financial markets and ease the housing crisis are working, a US government official claims.

“Markets appear to be gaining confidence and the availability of credit has improved modestly,” Clay Lowery, the Treasury’s assistant secretary for international affairs, told Bloomberg. More from that story:

The Fed’s interest-rate cuts and a government economic stimulus package have helped to ease market turmoil and support consumer spending, [Lowery] said.

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I don’t know at this point if this is a true reversal of the dollar rally or a false dawn… But either way… Just to see some chinks in the dollar right about this time is probably a good thing to currency holders!

Seeking to spur the economy to growth, the Fed and the Treasury have been actively devaluing the dollar.