A declining dollar will look like a good economy for those who think the economy is the stock market.

From an EUR perspective the s&p500 has flatlined over the past year while the msci Europe is up by almost 30% in eur terms.

Needless to say, as an outsider from the inflation bubble, American stocks are not a good investment.

There is a good reason to believe that us stocks will not outperform in inflation adjusted terms over the next 10 years.

This is true - all the global multinationals that essentially make the US stock market earn a good portion of their revenue in foreign currency, so their revenue and profits will increase.

In addition, they are all cheaper when priced in USD, so their stock will go up regardless.

This is just counting short term effect of currency devaluation. Long term there are also effects around trade balance and jobs.

Private equity and retirees with everything in a 401k.

Also, increasing billionaire wealth and burgeoning (but somewhat circular) market capitalizations of companies will seem like a good economy while real income and wealth for the bottom half of Americans keeps falling. The mainstream business media is a gaslight factory completely ignoring the ever-widening K-shaped economic reality that there's a very good economy for the highest income people and a rapidly declining/terrible economy for everyone else.