Here is a great blog post by Mish discussing whether the "dollar is toast".
He writes about the four most reasons for the dollar being toast:
1. The Balance of Trade
2. The National Debt
3. The Savings Rate
4. Monetary Printing by the Fed
He then takes a look at each one and sees whether there is actually a correlation with the US dollar.
The results might suprise you and show that you shouldn’t always believe the hype that you read in the news.