These currency pairs are trading at this today, January 20, 2009.
United States dollar (USD) 1: British Pound (GBP) 1.395
United States dollar (USD) 1: Euro (EUR) 1.295
Why? Because the world is running out of "willing and creditworthy private borrowers." You can't print more money to solve the problem of too much credit. Saving and investment leads to prosperity not borrowing and spending.