I know that there can be a ton of factors that go into whether one currency appreciates vis-a-vis another one, but it seems to me that one of the biggest factors, if not the biggest factor, in the very long term would be how much money are their respective governments printing. If one government is printing an amount equal to 5% of its GDP annually, but another is printing 100% of GDP annually, I just think it would be very tough for the ladder to do anything but depreciate vis-a-vis the former over the long haul. Am I thinking about this right? Have there ever been any studies on this? Thanks!