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Global "base currency"
Most if not all the present problems are due to the reckless borrowing of the
US Govt whose debt runs into horrendous figures. All this is based on the US
perception that the "global market" dare not let the US$ value fall, when in reality
the US$ badly needs a very large devaluatiuon.
If a new "base currency" were to be introduced, and the obvious one is the
Gold Satndard, initially abandoned by the UK before world war II but Sterling
held centre spot until after WWII when we were truely "broke" (remember that
almost everything worth owning in the USA prior to WWII was held mainly by UK and all
this had to be sold to maintain payments to the USA for supplies, in effect WWII
put the USA, till 1940 in recession, back on its pre '29 feet.
Adoption of a new base currency would allow a free fall of the US$ to it's true
value and free up the present constraints. I suggest grams of gold be the base
currency - my "2 grams "worth, Gerald.
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