ozzy43

The Poor, Poor Dollar

I'm curious to know why the author chooses to swap one fiat currency for others (we can partially exempt the CHF from this statement, as it must by law be backed by 40% gold reserves). Massive monetary manipulation via fiat currencies issued by fractional reserve banking systems seems to be at the heart of the crisis, conventional wisdom notwithstanding. At a minimum, partial diversification into gold would seem to a better strategy, or at least to have some place in such a dollar-wary strategy. Fiat currencies are all, after all, subject to, well, fiat.