Authored by James Rickards via The Daily Reckoning,
My thesis is that currency wars are followed by trade wars and then finally shooting wars among major powers.
This happened in the 1930s and it seems to be happening again.
Currency wars begin in a condition of too much debt and not enough growth. Countries steal growth from their trading partners by cheapening their currencies to promote exports and import inflation.
The present currency war started in January 2010. The problem with...