Bernake made a very bad mistake

My Canadian colleagues are overjoyed. The Canadian dollar is now less than two cents away from complete parity with the US dollar.

The British pound is a penny over $2 (versus just over $1.61 when I first moved to Britain about 5 years ago).

Buying a Euro requires almost $1.40 -- not much less than what was required to buy a British pound less than a decade ago.

If there's one silver lining in this big, nasty show, it's that US manufacturing goods are plunging in price relative to other countries' products -- along with the cost of employing US nationals.