We know that the Federal Reserve will cut its benchmark interest rate this week, perhaps by as much as percentage point. That would bring its rate down to 2%.

One genuine and growing risk is that a rate cut by the Fed will send the dollar cascading lower. That's why I expect (or perhaps more accurately hope) that we will see a coordinated and concerted action among central bankers and Treasuries around the world to prop up the value of the dollar.

What we don't need is a financial catastrophe sparked by a sudden run on the greenback.