"As recently as last month, governments of emerging economies from South Africa to Brazil warned that competitive devaluations might be needed to keep their strengthening currencies from stifling economic growth. Now, talk of currency controls is being abandoned and interest rates are rising as record food prices and oil at $100 a barrel make inflation the bigger threat. That means developing nations will keep outperforming in the foreign-exchange market, according to Morgan Stanley." Read more. "Currency Wars Lose to Inflation Making Emerging Markets Winners" Garth Theunissen and Liz Capo McCormick Businessweek, February 27, 2011. Image by dan / FreeDigitalPhotos.net.