THE PROBLEM IS THAT GOLD AND OIL ARE PRICED IN DOLLARS...AND A LOT OF GLOBAL DEBT IS DENOMINATED IN DOLLARS...
SO YOU HAVE A BUILT IN...INFLATION RISK...THAT WOULD NOT OCCUR IN A NON-RESERVE CURRENCY...
THE NOTION THAT COKE AND CAT MIGHT "BENEFIT" IS A PYRRIC VICTORY...BECAUSE THE US ALSO HAS A MASSIVE STRUCTURAL TRADE DEFICIT THAT HAS TO BE FINANCED...AND TRILLIONS IN OFF THE BOOKS DOMESTIC DEBT THAT CHINA WILL EVENTUALLY HAVE TO PURCHASE...OR INTEREST RATES WILL GO THROUGH THE ROOF...AS HAPPEN IN THE 70'S...
