Massive fiscal deficits as far as the eye can see. The prospect of easy monetary policy even amid elevated inflation. America's role in the world is in flux. Something has to give, and that something is the U.S. dollar.
The big picture: A drop in the value of the dollar against other major currencies — underway for the past year, with a new leg down in the last couple of weeks — is the market manifestation of a shifting economic landscape.
