For US companies that make products which are competitive with European ones, the weakened dollar is fantastic for the moment. Some of these businesses will probably have profits like they haven't seen in years... and some Euro/etc businesses will probably go under since they won't be able to compete with the pricing against the dollar...
However, here at home a weakened dollar could mean the start of inflation... and higher interest rates... and while I think interest rates are going to start climbing at some point in the very near future, the housing market is one of the main reasons the US economy has remained stable while the dollar has nosedived, and if rates go up too much or too quickly then the market could take a big hit... causing major problems all the way around.
It's not a pretty picture if you look at it from some angles.
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