"We are obviously watching the dollar very carefully," Federal Reserve Chairman Ben Bernanke told the Senate Banking Committee on February 29, 2008. Yes, Bernanke's Fed is watching, as is the rest of the world, while the once-mighty American dollar sinks to the status of third-world currency! Since August 2007, the U.S. government has spent nearly $1 trillion bailing out financial institutions and to shore up the ailing US economy.