It is my impression that the ECB and PBC devalue because they must but the Fed because it can. Last month Cypherdoc made the point that the US banks have cleared their most toxic debt. US debt is a risk entertained by foreigners and citizens, not the financial institutions, which can not be said of Europe and certainly not China.

So while the US fundamentals sans military are poor, the money keeps rolling in and will continue as long as S. Europe walks the plank. This allows the Fed to stimulate the economy through inflation with the pretense of countering deflation.

With US interest rates approaching 0% while Greece approaches 100%, I can't help but see USD as a bubble. But I also don't see it popping before Greece. I foresee metal going parabolic only after a few sovereign defaults.