the worst part is that i have been looking for ongoing declines in the dollar for months (since the subprime stuff caused the fed to jack the m3 growth rate through the roof in late fall), but being in a broker-dealer that has no futures access, I have never had much of an easy way to take a forex position.
Philly currency options suck as far as I can tell (one guy has used them for years, have heard lots of stories from him and from hearing him talk to them), maybe i am wrong.
M3 in other countries has been as high, and in some cases higher, than the US M3 rate.