this is why it is reasonable for US to return to a gold standard ourselves. Wall St itself devalued our currency, not the Govt.
I have been expecting China to go to Gold for a long time.
In 2007 China (with 276 tonnes) overtook South Africa as the world's largest gold producer,nearly 351 metric tons of the metal in 2010, China’s gold demand last year hit 700 tons, meaning the country may continue to absorb bullion imports.
Posted by glassman on :
either WE return to a gold standard and Lead the world? or the world will, and leave US behind.
Posted by rounder1 on :
I agree. The only thing fiat money has going for it is public perception. If positive perception wanes it will become worthless or worth less in very short order.