The race for competitive devaluation is just beginning. Not that the US dollar is such a paragon of virtue. Despite its "strength", the US dollar is better described as the least bad of all currencies, excepting perhaps a certain shiny yellow metal (which does NOT construe a recommendation on my part in any way).
Competitive devaluation could be a precursor for what every government around the world is exhorting everyone else not to do: protectionism.
Really? If paying down debt is also called savings, then I contend that explicit policies designed to encourage exports is also known as ... protectionism.
And the next thing to happen after protectionism is a global slowdown in trade, not that that isn't happening already.
For countries dependent on world trade, it's time to wake up and smell the coffee.