The buck is burning. That's great for stocks -- for now

Run for your lives! The buck is burning, the greenback is crashing, the almighty dollar is in danger of going the way of the British Pound as the world's No. 1 reserve currency.

Or so say the dollar doubters. Are they right? Only time will tell, but the foundering dollar is having a very salutary effect on equities -- at least for now.

The U.S. Dollar Index, which measures the greenback against a basket of six major currencies (you can see the related exchange-traded fund here UUP), fell to a one year low ahead of Wednesday's Federal Reserve meeting. Little wonder there. As long as the Fed continues to print money through a zero-interest-rate policy and so-called quantitative easing, the U.S. continues to run a big trade deficit, and other nations move their foreign exchange reserves out of dollars, the buck has no place to go but down.