[Jaysun]

We need to go back to gold, but what do we do about the impact of other fiat currencies? The Euro for example? How do we know that the rest of the world wouldn't continue to honor the Euro while we suffered a "less valuable" gold dollar? Those countries using the Euro do make up a significant part of the economy for the rest of the world. Would we trade our gold dollars for their Euros? If not, our trade situation would create a depression. Even if the Euro only lasted short-term, they could drive us into oblivion by simply speeding up their printing presses and passing us worthless paper for gold certificates.

[I got the rope]

Even if the Euro only lasted short-term, they could drive us into oblivion by simply speeding up their printing presses and passing us worthless paper for gold certificates.

That is what Greenspan was talking about. We would have to have a mechanism to protect ourselves. I don't know what that it but I think Greenspan was hinting at a political/legislative solution.