Keith, you argue that we are moving away from "paper token" currencies and
toward an international currency, perhaps backed by gold, that holds its value
no matter what. I don't think that's going to happen because currencies are a
strategic device, and countries would not want to give up their power over them
as strategic devices. Look at what China has been able to do by deliberately
keeping the renminbi low relative to the US dollar and other currencies. If it
were to raise the value of the renminbi, it would likely demand concessions of
some kind. The UK is a member of the EU but has not accepted the Euro as its
currency. This leaves it free to use the pound strategically as it feels it
has to.
Ed
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