currency wars are one of the most destructive and feared outcomes in international economics. at best, they offer the sorry spectacle of countries stealing growth from their trading partners. at worst, they degenerate into sequential bouts of inflation, recession, retaliation and sometimes actual violence. left unchecked the next currency war could lead to a crisis worse than the panic of 2008. the next crash is overdue. recent headlines about the eurozone crisis, the bailouts for greece, riots caused by austerity measures as well as the debasement of the dollar. .