Here's an excerpt from the recent Armstrong article regarding currencies-
"Europe knows about cancelling currencies. Americans do not. The dollar remains legal tender since inception. In Europe all nations cancelled currency pre Euro every 20 years or so. There may also be the reestablishment of a two tier currency system where the one world currency serves between nations, and the lesser domestic version serves for citizens. This would allow more flexibility to do the default on domestic obligations covering it with new currency. During the 1870's, the US issued two silver dollars (1) trade dollar and (2) silver dollar. International payments were made with the trade dollar that was one troy ounce of silver while domestic silver dollars were about twenty five percent less. South Africa also had a two tier currency, the Rand and Financial Rand for international settlements. A two tier is now possible.
..........The high dependancy on foreign capital to fund the US debt, will also tend to dry up forcing greater monetization of the debt and the inevitable collapse of the floating rate system by as early as 2011.."
