In recently writing about the puzzling rise in value of the U.S. dollar -- now 40% to 50% higher than many foreign currencies -- I claimed to be dealing with "the biggest news in travel." I was imprecise. I should have said that the virtual collapse of air fares matches those developments in currency rates.

Examples:

• $366 round-trip to Rio, plus fees and taxes (from Boston).
• $299 for a three-day stay in Hawaii, including -- repeat -- including round-trip airfare from San Francisco.
• Airfares of $39 each way on Air Tran.
• Round-trip fares of $499 -- and less -- between New York and Rome, including all government fees and taxes.

Those are simply examples of the virtually-unbelievable depths to which airfares have recently fallen.

Mind you, the miracle fares aren't found on all flights. You often have to shop around. It pays to look at flights departing one day before or after your desired date of departure. But if you're persistent, you will usually find a rate that's well below the level to which you're accustomed.

Today's Wall Street Journal summed it up as follows:

After two years of steadily raising fares as fuel prices soared, U.S. airlines are slashing prices dramatically in an effort to fill up empty seats. Travelocity ... estimates that airfares for the 100 most popular domestic and international routes have fallen to 24-month lows and are 40% lower than last June, when they peaked.

So it's a good time to travel -- if you still have a job, that is.