Some 95 per cent of all global foreign exchange reserves are invested in just four currencies: the US dollar, the euro, the yen and sterling. The central banks of the ‘Big Four’ are all expanding their balance sheets or have been doing so for years with no sign of immediate reversal. They are all trying to convert huge debt problems into inflation problems, and when they succeed their currencies will weaken sharply.
全球外匯儲備總量中，約95%投資在4種貨幣上：美元、歐元、日元以及英鎊。“四大貨幣”的央行如今都在擴大資產負債表，或多年都在這么做而沒有即刻轉變的跡象。它們都試圖把龐大的債務問題轉化為通脹問題，當它們成功時，它們的貨幣將大幅走低。
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