Money quote from the editorial:
If central banks really want to put a floor under the buck, the Federal Reserve will have to change its weak-dollar policy.
Such a change will run into enormous opposition in Congress, among homebuilders and on Wall Street – all of which want the Fed to inflate its way out of their current credit woes. (John Makin makes the case for the inflation solution here.) We only wish life were that easy. The Fed's aggressive easing in the last year may already have done more harm than good.