The Dollar Is On a Tear as the Euro dies. EUR/USD hits fresh 12-year lows below 1.0750 and another headline is interesting: US dollar freight train crushing all in its path today. This is very simple to understand. First of all, all our trade partners in Japan, China, Europe, wherever, love running trade surpluses with the US. The US is extremely deep in debt to all other countries because of this and our central bank prints money like crazy which is why groceries are ten times more expensive today than 20 years ago. Even so, the trade deficit eats all these excess dollars and FOREX holdings of all other nations absolutely bulges with trillions of US trade dollars held out of circulation.