currency war and solution

well, after the announcement by brazilian finance minister that currency war has begun, it is almost accepted in the global policy circle that it has actually begun, not only this but some countries have  already started taking pre-emptive actions like hiking of capital inflow tax which also called tobin tax by Thailand, fresh action to control inflow of capital by malysia and some other countries.
 as an additional measures contries are also intervening in their currency market to reduce the appreciational pressure from their domestic currencies in wake of huge dollar inflow (perticularily in Asian economies) this is resulting into huge forex built up primarily denominated in low yeilding dollar securities or high bouts of inflation due release of money in domestic economy or most probably both happening simultaneously.
  As economies have not yet recovered from the crisis situation these actions can be detrimental for their health, make them even more vulnerable on the event of any fresh trigger. 
 the action taken by these countries are mainly to protect their currencies from appreciation so that they could not loose in highly competitive export market so that they could protect domestic export sector, income, employment. it means that blame can not be put squarely on them given their priorities for accelerated job and  income creation.
so who must be blamed?
first and formost the USA for its imprudence money policy, it is the excessive supply of dollars due to easy monetary policy that has led to the decline in the value of  dollar across the board or in other words appreciation of other currencies. US till the date has enjoyed the benefit of minting international currency that probably have never been enjoyed by any one else but as great power comes with great responsibilities , it becomes the responsibility of US to mend its way specially when the present situation has huge potential to damage the global economies.
second the china, which has started this game quite openly, chine exports are under priced due to deliberate under valuation of yuan, now other emerging countries could see that their product in the international market is driven out by china due to cheap yuan they are always tempted to follow the line of china, that may result in competitive devaluation. thus china need to learn that in can not follow such policy indefinitely and certainly not without retaliation from those countries whose products are driven out by china.
third the IMF and its prescription of unregulated capital market, flexible exchange rate for developing contries when rules of games are violated by developed countries and still IMF remain a mute spectator, surely the way IMF is managing the global finance, its relevance is becoming doubtful.