What we're seeing and why the $ and € don't fluctuate much (even though Europe is in such a mess) is both Europe and the US (and all the others) are devaluing their currency one after another.
It's called Currency Wars: "Currency wars are one of the most destructive and feared outcomes in international economics. At best, they offer the sorry spectacle of countries' stealing growth from their trading partners. At worst, they degenerate into sequential bouts of inflation, recession, retaliation, and sometimes actual violence. Left unchecked, the next currency war could lead to a crisis worse than the panic of 2008. http://www.amazon.com/Currency-Wars-Making-Global-Portfolio/...
Here's a nice video explaining it using a comic from the '50's!
The dollar has been absurdly overvalued for a long time, destroying our exports and causing us to import excessively, leading to trade deficits and more debt.
Not that savers won't be hurt unfairly, but they will be hurt even more by the accumulation of capacity loss caused by the lost potential output of austerity philosophies. Unless they are retired, and don't plan to participate anymore - then they're just screwed. Unless we decide not to eviscerate Social Security and Medicare, that is.
The most important thing is not to have people who want to work sitting idly, especially people who are newly entering the workforce. This destroys the future more than debt ever could. We either need to lower nominal wages or devalue the currency to the same effect - or let massive unemployment become the new normal. Good luck lowering nominal wages: It's really a choice between the last two options.
I'm not sure what the conservative saver horde expects will happen to its savings over the long term if interest rates stay at 0% or negative indefinitely. Maybe pour all of their money into something else dumb like dotcoms or real estate and become the whiners of tomorrow?
Historical Notes: http://articles.marketwatch.com/2008-01-29/news/30807755_1_s...