That was the point I was trying to make in a couple of places, but that sums it up nice and bluntly.

And if you want an example of how to make money pushing it around in circles, why don't you try shifting money back and forward between two (or more) trading companies that wish to save on the transfer fees that the banks charge for currency exchange.  I've done that and benefited by several hundred dollars (probably less than a grand) just for personal use.  If I was still running cross border businesses, it would be worth a lot more to me.

Another idea that works is to pick on jurisdictions where purchase power parity is out of alignment and move currency/goods to take advantage of the arbitrage.