Graph of the day: currency wars and competitiveness

Was it a month ago that I quoted Martin Wolf, who wrote in the Financial Times that:

To put it crudely, the US wants to inflate the rest of the world, while the latter is trying to deflate the US. The US must win, since it has infinite ammunition: there is no limit to the dollars the Federal Reserve can create. What needs to be discussed is the terms of the world’s surrender: the needed changes in nominal exchange rates and domestic policies around the world.

In the graph below, the impacts even before the latest US Fed/Bernanke strategy which has pretty much the entire world up in arms

Strong dollar?  Ha!