THE NOT SO ALMIGHTY DOLLAR - AT 7:40 A.M. ET:  As The One prepares to learn the basics of Norwegian currency, the better to enjoy his upcoming trip to Oslo to pick up the Prize, our dollar is taking a beating on world markets.  Most Americans are unaware of it, but this could hurt:

Ben Bernanke's dollar crisis went into a wider mode yesterday as the greenback was shockingly upstaged by the euro and yen, both of which can lay claim to the world title as the currency favored by central banks as their reserve currency.

Over the last three months, banks put 63 percent of their new cash into euros and yen -- not the greenbacks -- a nearly complete reversal of the dollar's onetime dominance for reserves, according to Barclays Capital. The dollar's share of new cash in the central banks was down to 37 percent -- compared with two-thirds a decade ago.

Currently, dollars account for about 62 percent of the currency reserve at central banks -- the lowest on record, said the International Monetary Fund.

COMMENT:  The impact here is as much psychological as economic.  The Obama crowd tell us that it has "restored" American prestige, but there is precious little to show for it.  The dollar's decline tells us what's happening in the real world, and it could have a strong impact on the perception of the United States as a weakening power.

To the "multicultural" left, this means nothing.  For the sane part of the population, it should be a matter of concern.

October 13,  2009