Changes

'''Devaluation''' is a [[government]] [[monetary policy]] to dilute the value of its [[currency]], typically by printing more of it.  The reasons for this can include helping [[voter]]s (like [[farmers]]) who are in [[debt]] by reducing the real value of their obligations, or helping the [[government]] itself pay back [[loans]] (see [[United States Treasury securities]] and the [[National debt]]). Sometimes devaluation is done to increase [[exports]] and decrease [[imports]], thereby reducing a balance-of-payments [[trade deficit]].

'''Devaluation''' is a [[government]] [[monetary policy]] to dilute the value of its [[currency]], typically by printing more of it.  The reasons for this can include helping [[voter]]s (like [[farmers]]) who are in [[debt]] by reducing the real value of their obligations, or helping the [[government]] itself pay back [[loans]] (see [[United States Treasury securities]] and the [[National debt]]). Sometimes devaluation is done to increase [[exports]] and decrease [[imports]], thereby reducing a balance-of-payments [[trade deficit]].

When the [[Federal Reserve]] deliberately [[prints money]] (often a cause of [[hyperinflation]]) to cover a persistent [[budget deficit]] without borrowing, this may be considered a devaluation. A steady insidious process of [[inflation]] is not considered a devaluation, although if a [[fiat currency]] has a high level of inflation, its value will naturally fall against [[gold]], [[silver]] or foreign currencies.  

When the [[Federal Reserve]] deliberately [[printing money|prints money]] (often a cause of [[hyperinflation]]) to cover a persistent [[budget deficit]] without borrowing, this may be considered a devaluation. A steady insidious process of [[inflation]] is not considered a devaluation, although if a [[fiat currency]] has a high level of inflation, its value will naturally fall against [[gold]], [[silver]] or foreign currencies.  

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