Word: dollarized
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There is something else we use every day that, like gold, has no inherent value: cash. Of course, there's a major difference between gold and cash: unlike the dollar, the nondollar value of gold won't be significantly impacted by the U.S. government - only its price in dollars via the government's impact on the dollar...
...currency explains why gold has not yet made a clear jump above the historic high set a year ago - in U.S. dollars, that is. The dollar has appreciated enormously during the global economic slowdown. All else being equal, this lowers the price of gold for U.S. investors buying with dollars...
Independent of the dollar, gold has actually increased considerably in value. Indeed, the prices of gold in euros, British pounds and Canadian dollars set their record highs, by a large margin...
...perception is proving hard to tackle, the reality is even harder: so far few private investors have shown any interest in tapping the trillion-dollar subsidy to buy toxic assets from the banks. Hedge funds and other players all want to know the terms of the sale before they even think about stepping up to the plate. So far, Geithner and Treasury have provided little detail. "The question of how to price the asset is still on the table, unresolved," says Scott Talbott, a top lobbyist for the Financial Services Roundtable, an industry association...
...Though Obama's tone fell somewhat short, he has proved that he understands the level of humiliation now being foisted on American taxpayers. He described the stakes of the current situation perfectly. "This is not just a matter of dollars and cents," the President said in the East Room. "It's about our fundamental values. All across the country, there are people who are working hard and meeting their responsibilities every single day without the benefit of government bailouts or multimillion-dollar bonuses...