Welcome to the Currency War, Part 1: Iceland and the Tragedy of the Commons

``Everyone also knows that the benefits of devaluation go primarily to those who strike first, so there's a growing sense of urgency. Which brings us back to the tragedy of the commons. When (not if) the eurozone starts devaluing, the dollar and yen will have to follow suit, and then it's game on, a race to the bottom with no winners. Except for gold.''