> The idea is that every country is trying to devalue their currency in order to help exports and domestic producers stay competitive. The countries are newly emboldened by the fact that rates have been very low for very long without much inflation. But economics never works exactly like its described in textbooks. I fear that if this all explodes we could have high inflation with a stagnant economy with no magic levers to pull to address both problems. In that case, it will be about survival.

I'm glad I'm not the only one who thinks about this.