"could" but again you never know, everything has turned quite counter intuitive. For example, poor countries can't really go money printing, that's sort of banking "powerhouse" privilege... I mean if they do they go zimbabwe quite fast so they don't, and the majority of them have a currency pegged to the dollar, or any other major currency, so they are screwed As far as I can tell, everybody is pretty much involved in money printing, from EU, to China, to US evidently. There are certainly are some exceptions https://www.x-rates.com/table/?from=USD&amount=1