Both central banks have been printing cash and raising their debt ceilings faster than the rest of the world can swallow, digest and send what's left to the middle east. There is a very serious mess blowing and I have been trying to get a handle on what is likely to play out next, no easy thing, when the real backroom deals can only be guessed at.
Summary:
Both the Dollar and Euro are in terminal decline.
Whichever one goes first leaves only the other as central reserve currency, with no other option.
The ONLY thing that can save the US Dollar is death of the Euro.
The only thing that can save the Euro is death of the Dollar.
Effectively a currency war, end game, being fought largely over oil in the Middle East. With Iran at it's nexus.
Simultaneously the oil suppliers know and are getting angry about their vast stores of toilet paper.
We will get told something else.
http://www.energybulletin.net/node/7707
This was published in 2005. It predicted this conflict, but not the dire state of central banks in the US or Euro.