[Oberon]

But the yen, and yuan, and euros, and pounds are substantially keeping pace (let alone the various pesos).

But, oddly, the currencies of many Gulf states whose primary export is petroleum and whose currencies are pegged to the dollar are having record inflation.

Consider the following story:

http://www.freerepublic.com/focus/f-news/1976495/posts

This can't be true unless the currency is actually being devalued. If it weren't, the net effect on the gulf states would be a wash.

[DeaconBenjamin]

Are you stating that there would be no inflation with the Gulf state currencies if they were pegged to the Euro or Pound, or that there would be inflation, but less.