This sounds like a funny topic. If every country is devaluing their currency, then no body will fall. Right? Wrong!

In currency market, when every one devalues, the peg between and among the currencies may be quasi stable within a range but the weakest are falling continuesly.

In current phase, the deleveraging process force dollar trader to bring home oversea speculation money to cover shorts domestically made USD temporary stronger. It is foggy for many to see through. The foundamental of USD is weaker (if not weakest) than ever because of the massive debts the FED and government created. It is like a house, those termites not only eating away the supporting posts, they throw the shit on to the roof of their shelter. FED and government is encouraging them to do so. Little by little, the posts is getting weaker and mansion will collapse, collapse in a instantaneous manner when only a few has time to exit. Of course, those in the Wall Street, those politicians and in political circle will already seeking shelters some where else.

10s and 20s trillions of wealth will be wipe out globally.

But who will fall and who will fall first? It is alreday evident that weakest and over leveraged countries already fallen, Iceland for example.
Will dollar fall? The answer is it is not if, but when with the continuing printing press and budget deficit spending. 3.5 trillion budget pass the house. Give me a break! a budget is as large as more than 25% of GDP. What else one with sanity brain can predict?

I can not laugh. I am sad. The end is near, the train is crashing fast. Yet we have people without independent analytical ability is cheering up the bear market rally.

So to go back to the question, who will fall: many countries without savings, USD, Britian, Eastern European nations.and weak African and Latin American countries.
Who might survive: again the country with savings, mainly Asian countries this time.
The world will rebalance the powers, in the process, it will be painful for many, especially next generations. especially those who are old and poor already.
That is sad. It is more sad when government is saying to create jobs and help those poor, it actually torpedos the foundation of prosperity. That is really sad.