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<p>[QUOTE=&quot;fatima, post: 890454, member: 22143&quot;]This is a completely different discussion.&nbsp; Yes what is going on with the handling of the $ and the Fed&#039;s monetary policy in conjunction with Wall Street and the big 5 banks is irresponsible.&nbsp; It could eventually lead to a collapse of the system but this does not mean an adoption of a &quot;world&quot; or North American currency as a replacement. If it were to happen, and I think at this point nobody knows what is going to happen to this debt, they could remedy it with a number of different options. </p><p><br /></p><p>For example, they could change the rules about this debt and destroy the ones holding it. (mainly the banks, China and a few other countries).&nbsp; They could redenominate the dollar and put a limit on the conversion.&nbsp; (again destroying a lot of investors) and/or countless other possibilities.&nbsp;&nbsp; When push comes to shove, the politicians will save their own necks first and that is why I would vote for the destroy the investment banks and China option first.&nbsp;&nbsp; The fact of the matter is if the banks are not paid back and for that matter China too, what are they going to do about it?</p><p><br /></p><p>Nixon already did this in 1971.&nbsp; France was demanding tons of gold for&nbsp; the $s it held as gold was still convertable.&nbsp; Rather than empty out the&nbsp; US gold reserves, they simply said they were not going to convert it&nbsp; anymore.&nbsp;&nbsp; The treasury secretary at the time made the very famous&nbsp; statement &quot;It&#039;s our currency but your problem.&quot;&nbsp; i.e. Too bad for&nbsp; holding US debt.&nbsp; </p><p><br /></p><p>It&#039;s this situation that is the biggest reason for holding some wealth in gold.&nbsp; It&#039;s a hedge against bad government policy.[/QUOTE]</p><p><br /></p>

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