Currency Warfare and a New Global Monetary Unit

The economies of the world lurch towards destruction as no country can seem to destroy their currency fast enough.
US and Japan -

The dollar was set for a quarterly drop versus all of its major counterparts before data forecast to show U.S. business activity and manufacturing slowed. Federal Reserve Chairman Ben S. Bernanke is scheduled to testify in Washington today amid speculation the central bank is preparing to buy more U.S. debt. The yen approached the strongest since the Bank of Japan intervened amid speculation exporters are bringing home overseas earnings before the end of the fiscal first half.

Mexico -

The FX war recently launched by every central bank in the world, just entered its modern warfare stage: we have learned that the Mexican Central Bank has just sold $600 million worth of USD options. That's right - the central bank of our southern neighbor has moved beyond merely pedestrian cash interventions and has entered the derivatives game, in their attempt to raise the US peso and lower its Mexican equivalent.

Peru -

After buying $200 million in the last two days, tiny little Peru is starting to show some serious resolve: over the past three days the small country has bought almost $400 million in USD.

Switzerland and perhaps most idiotically, China -

Lawmakers say China's currency is unfairly cheap and passed a measure Wednesday that opens the door to tariffs that aim to help U.S. companies compete.

The legislation, which authorizes the Commerce Department to impose duties on imports from countries with undervalued currencies, passed the House of Representatives by a vote of 348 to 79. The Senate, however, is not expected to take up the issue until later this year.

The Real Effect
Now, you may be asking yourself, "Self, why would all of these countries deliberately destroy their own currencies?" Simple, to beat everyone into accepting a new global currency, aptly named the Bancor.