Every nation, it seems, is devaluing its currency.
The governments of Japan, Canada, the eurozone, Sweden, the United Kingdom, Russia, and some South American countries are all debasing their currencies - deliberately, to help their economies.
What it does is make imports from those countries significantly cheaper than U.S. products.
You don't have to be a genius to figure out that, as a result, demand for American products will slow and foreign imports will displace homegrown goods.
Intel mentioned currency effects last week. On Thursday, the company cut its revenue outlook for the current quarter by nearly $1 billion, citing weaker-than-expected demand for business desktop computers and lower inventory levels across its personal-computer supply chain.
U.S. Steel is idling a plant in Minnesota as the manufacturer struggles to contend with surging imports, particularly from China, which has not devalued its currency.
It's true that other currencies are falling against the dollar, but that has not stopped the U.S. economic recovery, which continues to gain traction.
"Credit conditions are normalizing, and we're seeing the U.S. reaching escape velocity," says Michael Ryan, chief investment strategist at UBS Wealth Management Americas, based in New York. "Business conditions are healing."
That said, the euro could reach parity with the dollar this year, Ryan adds. (Parity is a one-to-one exchange rate; that is, one euro would equal one dollar.)
UBS this year began buying European stocks the firm views as cheaper than other markets.
"We're long on euro stocks - not the euro currency itself," Ryan says, without mentioning any companies.
The real impact on U.S. earnings will begin showing up in the second half of this year. We're just seeing the first glimmers of the effect now.
A jobs fair, online
Kevin O'Brien of Doylestown has founded a virtual jobs fair for Philadelphia-area veterans and their spouses.
The first Philly Veterans Virtual Career Fair is scheduled for 1 to 3 p.m. Wednesday. Jobs range from accountant to truck driver.
You must register at PhillyVeterans.com. Sign up free, and get hired while you're still in your pajamas.