For those readers seeking to find some distinction/demarkation point between "mere" competitive devaluation and the "currency war" our governments tell us they are not planning on having, we appear to have it. Competitive devaluation represented the era where our governments drove their paper currencies to zero (in economic/mathematical terms).

The Currency War represents the final death-throes of these paper currencies : the interval of time that elapses from the time all this paper actually became worthless, and the inevitable "crisis of confidence" when the Chumps realize that all this paper is worthless.

One final warning. History also tells us that the final "crisis of confidence" that occurs when these paper currencies die is more often than not lightning quick. You go to sleep one night with "money" in your wallet, and you wake up the next morning with a pocket full of confetti.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.
This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.