By James G Rickards:
"Citizens everywhere should realize that competitive devaluations are not a path to prosperity—they are a path to ruin.
"Currency wars arise when a country steals growth from trading partners by cheapening its currency to promote exports. The new currency war began in 2010 when President Obama declared in his State of the Union address that it was the policy of the United States to double exports in five years. Since the United States would not become twice as productive in five years, the implication was that the United States would severely cheapen its currency to achieve this goal."