Currency Wars

Author Jim Rickards discusses the opening salvos of what he says is a global currency war. The Federal Reserve has extended currency swaps to the EU. The ECB cannot devalue the Euro without constitutional change in each of the 23 countries to allow it. In the meantime, Bernanke continues to print -- to provide the IMF with US$ in return for SDR's -- that in effect, the Federal Reserve is 'shorting' the US dollar.