return the gold standard as world unravels, page-14

The PIIGS are in the mess they are in because they have borrowed too much, and cannot print their way out of it. So they must default. Yes, exactly the same as a gold standard! BUT, if they still used Escudos, Lira, Pesetas, Punts and Drachma, nobody would have lent them so much in the first place, especially if they were on a gold standard with no means of printing their way out. And in defaulting now, they will bring down the Euro; French, German and probably Swiss banks etc. etc.

The US have borrowed too much and are going to print their way out of it, which they couldn't do under a gold standard. So their currency will be collapsed that way.

Gold standard: not perfect, but enforces financial discipline on Govts.