A long, long time agob& I can still remember How the dollar used to make me smile. And I knew if I had my chance I'd sell the currency of France And, maybe, I'd be happy for awhile. But all our spending made me shiver With every T-bill we'd deliver. Bad news on the doorstep; I couldn't take one more step. I can't remember if I cried When I heard our politicians lied But something touched me deep inside The day the dollar died. So bye-bye, dollar assets good-bye Sold my Chevy at the levee 'cause my pension ran dry. Them good old boys were drinkin' sake to try Singin' this'll be the day that it died This'll be the day that it died. Did you write Whitehouse.gov Or have you a Yen to fall in love If Japan will tell you so? Now, do you believe in oil 'n coal Can China fill our import hole And can we teach them how to grow real slow? Well I know the country's fit and trim 'Cause the jobs are in the Pacific Rim. We all knew savers lose Man, I dug not having to choose. We were living off the almighty buck We got their goods and they were stuck But I knew we were out of luck The day the dollar died. I started singin' Bye-bye, dollar assets good-bye Sold my Chevy at the levee 'cause my pension ran dry. Them good old boys were drinkin' sake to try Singin' this'll be the day that it died This'll be the day that it died. Now for ten years we were sure we owned All the stocks and bonds and mortgage loans But that's not how it's gonna be. When we've spent it all like kings and queens In clothes we bought from The Philippines The Asians pick the reserve currency. Oh, and while the king was looking down, Their central bankers came to town. Our stocks and bonds were spurned Those dollars were returned. And while unions filled their books with Marx The President said drill in parks Our thermostats froze in the dark The day the dollar died. We were singin' Bye-bye, dollar assets good-bye Sold my Chevy at the levee 'cause my pension ran dry. Them good old boys were drinkin' sake to try Singin' this'll be the day that it died This'll be the day that it died. . Helter skelter in a summer swelter The equity's gone from your leveraged shelter Fannie and Freddie are falling fast. Crash, they landed, but in a new class Full faith and credit have long since passed With Congress, in denial, out of gas. Now the Wal-Mart there has cheap perfume With imports filling every room. We all got up to dance Oh, but we never got the chance. The consumers tried to take the field The central banks refused to yield Do you recall what was revealed The day the dollar died? We started singin' Bye-bye, dollar assets good-bye Sold my Chevy at the levee 'cause my pension ran dry. Them good old boys were drinkin' sake to try Singin' this'll be the day that it died This'll be the day that it died. Oh, and there we were all in one place Our credit rating in disgrace With no time left to start again. So come on: Al be nimble, Al be quick! Al, cut rates by 50 ticks 'cause credit is the debtor's only friend. Oh, and as I watched him on the stage My hands were clenched in fists of rage No congressman in hell Could buy what he would sell. And as the rates climbed high into the night To stem the U.S. asset flight The IMF said, "Yes, that's right" The day the dollar died They were singin' Bye-bye, dollar assets good-bye Sold my Chevy at the levee 'cause my pension ran dry. Them good old boys were drinkin' sake to try Singin' this'll be the day that it died This'll be the day that it died. I met a girl who sang the blues And I asked her if we still could choose But she just smiled and turned away. I went down to the Medicare store Where we'd spent our dollars years before But the man there said those dollars wouldn't pay. And in the streets the children screamed The seniors cried and the workers steamed But not a word was spoken The commitments all were broken. And the three men I admire most: Faber, Rogers, and Bill Gross Were at the forex trading post The day the dollar died. And they were singin' Bye-bye, dollar assets good-bye Sold my Chevy at the levee 'cause my pension ran dry. Them good old boys were drinkin' sake to try Singin' this'll be the day that it died This'll be the day that it died. They were singin' Bye-bye, dollar assets good-bye Sold my Chevy at the levee 'cause my pension ran dry. Them good old boys were drinkin' sake to try Singin' this'll be the day that it died. -- Harry Chernoff is an independent economist in Great Falls, VA (with apologies to Don McLean)