[floatrock]

> Assuming there are deflationary forces countering the inflationary force of printing, nothing changes beyond maintenance of status quo.

In the net, yes, but another way of looking at this is as a wealth transfer inside each country.

In the net, the pies remain the same size, but each individual slice is worth less and less.

The result is that as each government is playing the devaluation game to keep up, the organizations with early access to the newly printed trillions in respective currencies increase their relative percentage of the pie.

It's the status quo at the inter-country level, but it's a huge wealth transfer to the politically and financially connected at the local level.