In response to:

Currency Wars - It’s On

Paulus Textor Wrote: Sep 22, 2012 2:32 PM
The best way to avoid currency is to go to a one-world form of money: Gold (as well as silver and other precious metals). A one-ounce (or half ounce or quarter ounce) coin of crown gold has the same value, whether the coin bears the insignia of the US Treasury, The French Treasury, The Chinese Treasury, or Joe's friendly mint. The same goes for 90 percent silver coins, or pure copper coins. In order to avoid economic dislocation, it would be best if most of the major economies of the world agreed simultaneously to establish coinage on standardized weights and measures. But even if this is impossible, it is to the advantage of ANY country to establish such sound money, even if the rest of the world does not.
Wumingren Wrote: Sep 22, 2012 10:49 PM
How would such coins be denominated? Perhaps not in monetary unints, but merely in ounces or grams or whatever unit of weight? As the price of precious metals changes, each coin would have a fluctuating value. How much fun would that be for going to buy a loaf of bread? And, would retailers have to install scales or other equipment to verify the weight and purity of coins? I don't think the average American store clerk could handle the challenge of making change. Still, it would be preferable to the sophisticated bartering system that evolved in the former Soviet Union.
Texas Chris Wrote: Sep 24, 2012 10:09 AM
Metals would be denominated in weight and fineness. "1 troy ounce of .999 gold" it says on my coins.

"Coins" could be of any weight, though. It won't matter if you stored coins, bullion, nuggets, dust, or atoms of gold; just swipe your card, and the appropriate "weight" of metal will transfer to the buyer.

The days of lugging heavy coins about is over, in the same way that lugging large sums of cash have ended.
Paulus Textor Wrote: Sep 22, 2012 2:33 PM
The alternative--relying on the honesty of Ben Bernanke--is not an alternative at all.
george33 Wrote: Sep 22, 2012 2:40 PM
Ben is honest - he's honestly stupid for believing that Keynes was right.

The euro gained back some ground against the dollar in overnight trading as the world woke up to a new round of global currency wars. 

Gold was up $4.01 in early trading to $1,773.06 and silver was up $0.02 to $34.63, leaving the silver/gold ratio steady at 51.2. 

Starting last year I warned readers that the Federal Reserve would be forced into quantitative easing in order to protect American jobs.  When the European Central Bank and Japan both announced they were going to print virtually unlimited quantities of cash in order to address the current economic...