El-Erian Weighs in on the Issue of Currency Wars and the Race to the Bottom.

The whole article can be found at Project Syndicate here. The following is an excerpt, but the whole piece is most definitely worth a read.

Not many countries nowadays seek a strong exchange rate; a few, including systemically important ones, are already actively weakening their currencies. Yet, because an exchange rate is a relative price, all currencies cannot weaken simultaneously. How the world resolves this basic inconsistency over the next few years will have a major impact on prospects for growth, employment, income distribution, and the functioning of the global economy.