Today's action was like a threat announced as a promise, to be vindicated when the time is right. Justice will be served on the policy that forgot to mention, knowingly or not, that by the definition of monie only three can be so. Gold, silver, platinum all fit each definition perfectly,no other asset does. Does this mean other assets are left bare, to wither with the fiat ponzi? Absolutely not, as all assets have there time and place.
It is not that paper IOUs are not an efficient means of exchange; that is not the problem. The problem is the debt is backed with no collateral except for a promise to pay. With bankrupt nations as the commonality in the world, their promises matter nought. What matters is the collateral that can be collected.
The reason that it is a fiat ponzi is because the ponzi has no grounding. Gold does anchor the economic system, because it is the loan of first recourse by the central banks, but there is nothing redeemable about it. The loan is facilitated for cash, and then exchanged for cash. The cash is used as a medium of exchange, nothing else.
The further along the road this adventure lasts, the higher the price for the loans. The loans need to yield a certain percentage, and this percentage is what matters, not the dollars in denomination. The yield will stay the same, but the price will go up. It is as simple as that. All to keep the fiat ponzi supported, from the bank vault on up.