Federal Reserve

All four major central banks are printing like crazy, but...

"The fundamentals for Japan are not good, yet the yen remains the strongest currency of the big four. The eurozone risks a systemic collapse, overwhelmed by political and financial headwinds, yet the euro’s exchange rate has proved relatively impervious to this deep uncertainty. The British economy is strongest, yet sterling is the weakest of the four majors.If nothing else, today’s foreign exchanges are evidence that subjectivity triumphs over macroeconomic thinking."

That's part of the problem with fiat money.