According to this Russian economist, investors around the world are betting on the depreciation of all major global currencies.

All these debt problems are clearly visible to global financial market participants, who are reacting by buying gold, silver, other precious metals, and even cryptocurrency. While previously the main demand for gold came from central banks, which, seeing what had happened to Russian sovereign assets, began shifting funds from developed countries’ government bonds to gold, private investors have now joined in large-scale gold investments.

Bloomberg, in a recently published article, called such actions by private investors a “debasement trade” (the English term debasement refers to the unofficial, unannounced reduction in the weight of coins or their precious metal content by government authorities, while maintaining their face value). In other words, private investors around the world are increasingly investing in assets that will generate profits if all fiat currencies devalue; this is a bet not against a specific currency, but against the current monetary system as such.

The surge in gold prices tells us that the “money debasement game” is gaining momentum. The global financial system, based on unbacked fiat money, is bursting at the seams.

From what I read, a currency devaluation will be disastrous to countries with a dependency on imports.