Neither does the P/E ratio of a company, yet it's still a fundamental used to value stocks.

> The dollar has declined in value by over 90% since 1933.

Relative to which other currencies?

Earnings is used to create a valuation of a stock. Price-to-earnings is the result.

As a company's earnings increase, the stock's value increases. As a country's earnings increase, there is no similar correlation with its currency.

> Relative to which other currencies?

Relative to a standard basket of goods.

Is it? Many times stocks perform well at earnings and shareholders still put on a fit and downvote its price.

Conversely, they often upvote its price based on some PR hype instead of actual earnings.

> Many times stocks perform well at earnings and shareholders still put on a fit and downvote its price.

Price fluctuations at earnings calls are due to relative earnings expectations, not the absolute value of the earnings itself. Such stock revaluation is due to investors suddenly having more accurate earnings figures to price into their valuation.

> Conversely, they often upvote its price based on some PR hype instead of actual earnings.

"PR hype" pumps represent increased market expectations of actual future earnings, however tenuous those expectations may be.

You can make up some valuation using a variety of methods.

Today stock price is gonna be heavily sector specific but for tech it’s mostly comparables + signals, not really future earnings.

Oh right, so balance of trade doesn't impact a currency's value. Interesting.

Relative to the USA's consumer price index.