This is the main reason we will continue to see huge amounts of monetary debasement going forward. Although the stimulus programs in some countries will end the bailouts and QE programs will not.

All countries with economic problems will seek to gain an advantage with as little pain as possible.

We will end up with continued competitive devaluations and eventually trade restrictions. Currencies will move up and down against each other in cycles but will all be lower when measured in gold.

It is not pretty but no country can forever run a trade deficit and continue to prosper. In the past the gold standard would automatically re-balance this. The fiat currency system has created large imbalances. One way or another this must be corrected.