We could call it an international "currency war," or we could call it the "new race to the bottom" -- but what it amounts to is an unprecedented devaluation of currencies world-wide. Central banks around the world, imitating the Federal Reserve's so-called "quantitative easing," are beginning to devalue their own currencies in an attempt to gain market share for their exports. But this will generate inflation that will devastate the purchasing power of consumers who use those currencies. And behind all of this is a specter of hyperinflation -- the economic scourge that has historically been the precursor of domestic unrest, political tyranny, and even world war.
