Given where US is the world economic scenario, the dollar should be lower in value…short term it does hurt developing countries (Brazil,India) but there is enough internal demand developing in these countries..hence they will not be as dependent on exports in future as they are now (not sure about China though). If you have access to these countries, i.e. if you are an immigrant from these developing countries or have relatives there try and invest there. May not be right time to get into Indian stocks which is up 150% since late 2008, but real estate in many big cities in India is still cheap, compared to where it will be in 10 yrs.
Cheaper dollar will help get USA out of its current mess, yes quality of life will gradually degrade for many and may have already sharply degraded for some (but that’s kind of unavoidable given where things stand and are headed).
Cheaper dollar will slow down outsourcing, will make US exports more competitive, reduce the value of our debt, probably create some manufacturing jobs, will increase the profits and hence share price of many US multinatinals who earn large part of their profits from outside US and also reduce the consumption of chinese imports – what’s not to like about any of these things.