Guido Mantega, the finance minister of Brazil became famous when he stated in September of 2010 that "We’re in the midst of an international currency war". This statement was aiming at how countries were manipulating their currencies (lowering) to acquire a competitive advantage in international markets.
What has happened since then?
QE1 and QE2
What has been the effect on the BRICs?
The USD has lost value amongst all BRIC currencies, specially the RUB and BRL.
Was Mantega right?