We are in a currency war here is how it is going to play out.

The USA is raising interest rates. Other nations are copying and pasting what the USA does. Fed raises interest rates by 0.5% and the ECB, bank of canada, etc all copy and paste that. USA will be able to last the longest on this path, you will see other nations drop out one by one. Canada for example has variable rate mortgages. Their real estate market will collapse much faster than USA 30 year Fixed mortgages. Whoever can quantitative tightening the longest and hardest shall win the currency war and have the strongest currency. Of course the reserve currency USA will do that.

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But wait even the USA can't QT forever. After 5 years of QT the avg treasury bill is paying higher interest and it becomes problemsome. Bitcoin can QT forever and it will. The halvening every 4 years is QT. So who will really win the currency war in th longer term ;)