But if a currency war is brewing, more countries will pile up the sandbags.
But that is unlikely to happen soon in any broad and coordinated way, so the danger is in fact that currency war escalates into trade restrictions and more extreme controls of capital flows.
After weeks of ominous debate about a global "currency war," the leaders of the world's largest economies will gather this Thursday and Friday for a G20 meeting in South Korea.
I suspect in the wake of QE we'll be seeing more capital controls, it will spook markets a bit and give editors more fodder for “currency wars” headlines, but it will be a war with few casualties.
