JIM RICKARDS : We are Witnessing One of the Greatest Failed Experiments in Economic History

Jim Rickards, author of the best-seller Currency Wars, sees the world's central banks embroiled in a "race to debase" their currencies in order to restore -- at any cost -- growth to their weakened economies.

In the midst of the fight, the US Federal Reserve wields oversized power due to the dollar's unique position as the global reserve currency. As a result, actions by the Fed create huge percussive ripples across the battlefield, often influencing events in ways little understood by the players -- and especially by the Fed itself.

In Rickards' words, the policymakers at the Fed "think they are dialing a thermostat up and down, but they're actually playing with a nuclear reactor -- and they could melt the whole thing down".