To do so would devalue our common humanity.

Moreover, the eurozone itself is a mini gold standard, with heavily indebted members unable to devalue their currencies, because they have no currencies to devalue.

Finally, Greece could leave the euro and devalue its currency.

But the whole world cannot devalue against other planets. If all countries except the US devalue, the US economy will face the deflationary impact of their attempted deleveraging.

In contrast to Latvia, Iceland let its currency, the krona, devalue massively.

Moreover, the 17 European countries that currently use the euro cannot devalue their currency unilaterally.

But, of course, Italy, Spain, and France are part of the eurozone and therefore cannot devalue.

If Greece still had its own currency, the authorities could devalue it while tightening fiscal policy.

Like Greece, these countries now face sharp budget cuts. Like Greece, they can t devalue to encourage exports.

China interprets quantitative easing as a plot to devalue the dollar and force a revaluation of the renminbi.

The only way to avoid it would be for them to exit the euro and devalue their new currencies.

But, since none of these countries has a national currency to devalue, they must substitute internal devaluation for external devaluation.

The trouble began a dozen years ago, when Argentina had no choice but to devalue its currency and default on its debt.

Bildt tried to follow Schlüter s lead, but, in 1992, Sweden was forced to devalue though his deregulation of markets did work well.

And everyone knows that beneath the stability of the moment lurk explosive forces that can change the regime and devalue huge investments.

If Greece leaves the euro after it defaults, it can devalue its new currency, thereby stimulating demand and shifting eventually to a trade surplus.

If the PIIGS can t inflate, grow, devalue, or save their way out of their problems, Plan A is either failing or is bound to fail.

Even young indigenous teachers who are trained in such traditional institutions quickly learn to devalue their own culture and adopt the official assimilationist pedagogical model.

Their accumulated sum would be limited to 10 of GDP. Should a country default despite these loans, it would have to leave the euro and devalue.

If the US dollar needs to devalue because of fundamental disequilibrium in the US economy, the problems cannot be fixed by lowering the dollar s value alone.

As a result, there is no need to devalue the currency again, unless France unilaterally decides to do so, as it has several times over the past decades.

If Italy, Spain, and France were not part of the eurozone, they could allow their currencies to devalue weaker exchange rates would increase exports and reduce imports, eliminating their current account deficits.

This would not devalue his work, but it could help explain the dominance of the conservative wing once led by Bo Xilai on the new cycle of Chinese politics that now begins.

Those crisis countries that do not want to take it upon themselves to lower their prices should be given the opportunity to leave the eurozone temporarily in order to devalue prices and debts.

This distinction between foreign and domestic debt is particularly important in the context of the euro crisis, because eurozone countries cannot devalue to increase exports if this is required to service foreign debt.

Rather than trying to mount a last ditch defense of the fixed exchange rate, the government, at the suggestion of the Bank of England, agreed to abandon the gold standard and devalue the pound.

Such a strategy of default and devalue has been standard fare for countries in other parts of the world when they were faced with unmanageably large government debt and a chronic current account deficit.

A country that finds its economy very depressed during the next few years, and fears that this will be chronic, might be tempted to leave the EMU in order to ease monetary conditions and devalue its currency.

In a way, this reveals a paradox of Latin American democracy exclusive, minority governments that devalue and weaken the state are no longer acceptable, while the rise of personalismo a concentration of power and coupled with refractory political tactics are bringing about fragmentation and unruly governance.

From 1995 to July 21, 2005, China s authorities held the now unified exchange rate constant at 8.28 yuan dollar (plus or minus 0.3 ). They subordinated domestic monetary and fiscal policies to maintaining the fixed exchange rate even during the 1997 98 Asian crisis, despite great pressure to devalue.

In fact, China knows full well that currency wars are self defeating. During the 1997 Asian financial crisis, China s economic situation was much worse than it is today, but the government still resisted the temptation to devalue the renminbi and the country managed to emerge from the crisis virtually unscathed.

If anything, today s exchange rate swings are likely to be more extreme, and to last longer, than the surge in the dollar s value in the 1980s or the volatility of the 1930s, when, in the aftermath of the financial crash that triggered the Great Depression, countries competed to devalue their currencies.

This is not, however, a testament to the dollar s role as a reserve currency after all, the fiscal gap is a bill that needs to be paid, and creditors would regard any attempt by the US to devalue the repayment by printing money and stoking inflation as tantamount to default.

Those crisis countries that do not want to take it upon themselves to lower their prices should be given the opportunity to leave the eurozone temporarily in order to devalue prices and debts. In other words, they should take a kind of euro sabbatical a proposal that has now also been taken up by American economist Kenneth Rogoff.