Regan - No thats not the case. They can all be devalued against hard assets. Thats not to say that cross rates cant stay the same, but if for example the Euro and USD drop rates another 1%, the cross rate will not move (all other things being equal), but the prices of hard assets priced in those currencies will rise (all other things being equal) as it costs more of the devalued currency to purchase them.
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