Your hate for America even colours the way you look at economic figures and makes it so that you can not even think straight.
1. IMO the dollar is overvalued because of the huge trade problem and government deficits. Yes, the dollar will fall and it should based upon these FACTS. Fortunately for the US and other countries it has time (how much I don't know) as the dollar is the reserve currency of the world and for the time being the Euro will not replace it.
2. Germany and France are basket cases with unemployment at very high levels and also huge government deficits. Trade is the only good thing going for them in their economies. Unfortunately they no longer have their own currency and unlike the US can not print more to work out their problems. The US can put some of its pain on other countries via a falling dollar.
3. Once the US currency starts to fall and the US decreases it imports, who is going to get hurt? How many jobs throughout the world are going to lost when the US no longer imports those products? For years now the only growth in the world has come about because of all those "stupid fools" in the US buying all those cheap products from China, Korea, Japan and all those nice BMW's, MB's, and Toyota's. (And indirectly Australian raw materials....)
4. The nascent recovery in the last quarter in Japan was based upon an increase in overseas orders. Guess what happens when and if the yen increases in value and the US stops buying? How much of those increased Japanese exports also have to do with China and the huge amount that the US imports from it?
The problem with the US "going down the tubes" (someting that you wish for) is that when it goes it will take a large number of countries with it - including Australia.
Be careful of what you wish for - it may come back and bite you on the butt.
