US, Europe, UK and Japan are all desperately keen to prop up, and if possible grow, net exports because of weak domestic employment. Some central banks are intervening directly in their currencies, others are settling for printing money to reduce its value. For years now, the RBA has been talking about the inevitable "painful structural adjustment" as a result of the high terms of trade and currency. But what if the terms of trade go back down and the currency doesn't? The fact that hedge funds and other central banks such as the Aussie anyway should not be allowed to continue the painful structural adjustment for Australia's export industries even as their export prices and volumes fall as well. There are basically three choices for Australia the bring down the dollar or return to international competitiveness. 1/ Cut interest rates to less than 1% and or 2/ Print money and buy Swiss Francs etc and or 3/ Cut wages by 25% I've been saying for months and months that the currency bubble has to be stopped. But day after day Crikey has published articles by BK and GD that trot out all the reasons why the Australian economy is special and should be be left to the market - despite it being a totally debased market. It's the same mistake the Japanese made in 1990 and the same mistake China is making today. No one is special in this world and self interest rules. When the rest of the teams