“The Euro moved higher” reported the New York Times this morning in its story on how the markets are cheering the plan of the European Central Bank to “shore up” the Euro. So imagine our surprise when we clicked on the Kitco gold chart for the Euro and discovered that — blamed — in the wake of the announcement by the ECB the European scrip plunged in value to less than a 1,350th of an ounce from more than a 1,330th of an ounce. One has to read down into the Times story to discover that when it speaks of the Euro having “moved higher” it means relative to the scrip being issued by the United States Federal Reserve. The value of the dollar itself has simply been plunging a tad faster, at least at the moment, than the euro (when we last looked at the Kitco gold chart the greenback was below a 1,725th of an ounce of gold).

It may be that the next airplane that crashes the Times is going to cover by writing about how it was flying along fine until the earth rose up and smacked it so hard in the underbelly that the hapless de Havilland burst into flames. Not to pick on the Times. It’s a common error. All the more teachable the moment. The question is whether Governor Romney will rise to it. There were both thrilling and disappointing moments in the Democratic National Convention, but no oversight so glaring — at least to us — as the total absence of any reference to the monetary crisis. President Obama and his camarilla are sailing along without any signal that they comprehend the fiat nature of their claims. Not, it seems, a care in the world that the value of the dollar on Mr. Obama’s watch has plunged to less than half of what it was worth when he acceded.

The GOP has put itself in a favorable position here. This is owing to its adoption of a platform with a plank calling for the establishment of a commission to look at monetary reform. But is Governor Romney going to stand on this plank? Why would banks want to lend you a dollar to start a business, build a house, or make a major purchase if the banks don’t know what the dollar is going to be worth when it comes time the bank to be paid back? Why would you want to borrow under such a situation? Why should Americans feel anything but sick to their stomachs when the are paying at the pump rising numbers of dollars for gasoline whose value has been falling to, in recent years, ever smaller amounts of gold and silver? Is Sarah Palin the only political leader who goes to the grocery story?

We occasionally hear from readers who tell us this whole line of argument is too abstract. The greatest of political candidates, however, have a way of making it tangible. Reagan was a master at it, sitting in front of a camera and explaining what the supply-siders like to call “bracket creep,” the process by which inflation pushed ordinary taxpayers into tax brackets originally designed for the wealthy. He did it at every turn, illuminating for voters the subtle ways in which these large trends are impacting their lives. Mr. Romney and Congressman Ryan have the chance to illuminate for voters the fact that the way the press is covering the inter-twined fates of America and Europe masks what, because of the fiat nature of the dollar, is turning out to be a race to the bottom.