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It's not exaggerating to say that the world is fleeing the dollar in what amounts to a global run on Washington itself – from Capitol Hill to the White House to the Federal Reserve. The world's investors are saying they lack confidence in U.S. leadership.

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That's certainly true of the Fed, where Mr. Bernanke looks increasingly like a professor shocked to find that the world has rejected his academic theories. Yesterday's dreadful inflation numbers are as stark a repudiation of Fed policy as you could imagine: up 1.1% in June alone, 5% for the last 12 months, the highest in 17 years. Energy and food prices led the way, as every American consumer already understands. But the report showed that inflationary expectations are also creeping through more of the economy, including services and transportation.

Mr. Bernanke stated the obvious when he told Congress Wednesday that inflation "is too high." And markets rallied even on the hint of a tougher line, with oil and gold both falling as the dollar rose. Yet Mr. Bernanke, Vice Chairman Donald Kohn and Governor Frederic Mishkin – the Fed's three intellectual amigos – continue to pursue a reckless policy of negative real interest rates with no change on the horizon. For months, they have overestimated the risks of recession while underestimating the dangers of inflation. They have been too attentive to the pleas of Wall Street and Capitol Hill, and not enough to the American middle class.

That article doesn't give me much hope. My 401K is now a 301K. I have a house I'd like to sell to reduce expenses and that market's in the crapper. My wife was planning on retireing next March but that doesn't look probable. What the heck is going on and how do we get back on track?

Seabury, I believe the answer is very visible. NObama, no Nancy, no Harry, period.