Gold. For such a time as this.

Excerpted from MSNBC.Com, 7.27.2012
Are Fiat Currencies Headed for a Collapse?

As the investment world eagerly awaits more stimulus, a debate on a previously unthinkable topic has started to emerge – can fiat currencies survive round after round of debasement?

Some heavy hitters say the answer is no.

A fiat currency derives its worth from the issuing government - it is not fixed in value to any objective standard. That means central banks can print as much money as they want.  If an economy is struggling, injecting more notes into the system juices activity but lowers the value of the currency in question.

Mark Mobius, Executive Chairman of Templeton Emerging Markets Group, says investors will soon start to demand fiat currencies be backed by gold or other hard assets.

With major central banks all desperate to stimulate their economies, some say currencies have entered a dangerous new phase often described as a race to the bottom.

“It's already happening, you're beginning to see that trend with central banks stocking up on gold.  

"It's hard to say. It could happen tomorrow. It could be very very quick. A lot depends on the moves by the reformists - not only in Europe, but in the U.S. and Japan….

As the fiat currency debate gains momentum and relevance, one London-based manager of a billion dollar fund says the answer about what lies ahead is in the past.

“Every single fiat currency in history has collapsed, this time will be no different.”

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