I thought it appropriate to start this piece with a quote from Ludwig Von Mises regarding the global system of "flexible" currencies:
A general acceptance of the principles of the flexible [currency] standard must therefore result in a mutual overbidding between the nations. At the end of this race is the complete destruction of all nations' monetary systems. LINK
That was written in 1949 and essentially prophesied the eventual global currency war that Von Mises visualized unfolding, as countries used currency devaluation strategies in a desperate attempt to prop up their own crumbling economic systems and "protect" their relative export power.
I am not alone in thinking that we entering a very real and very dangerous global currency war. The highly regarded Comstock Partners issued their view on this four days ago: "If we are correct, the U.S. and global economies will contract and there will be a race to the bottom with "competitive devaluations" rampant. All the countries that need exports for economic growth will be very aggressive in the race to the bottom..." ...