Well, devaluation is like the weather. It's inevitable, so you might as well do what you can to prepare for it.
That was the point of my July 2010 post, Devaluation is the only way out.
This past weekend, that post received angry comments:
You know, I like the blog but sometimes you go off the reservation, way off. [...]I'm not advocating irresponsible monetary policy, just saying it's inevitable. No country in the history of the world has ever gotten back from this point without devaluation (see, for example, the US post-WWII). Once Obama started running serial deficits of 8% - 10% of GDP and we crossed 100% debt/GDP, devaluation was inevitable. Lie back and enjoy it.
Money for nothing and your chicks for free only works for rock stars. Money is a medium of exchange and, to a lesser extent, a store of value. That's all it is. Please note the Paul Krugman agrees with you wholeheartedly and the best real life example to support his thesis (by his own admission) is...wait for it...Argentina.