This link is an essay from Jude Wanniski who went with fed governor Wayne Angell to Moscow right after the collapse of the soviet union. Note that Angell advocated the new Russia to go to a gold backed currency! It's interesting to note that the tension in the Baltics really resulted from monetary policy. (It really is the economy stupid). Also note that the writer advocated an eventual international gold backed standard! Is that not PRECISELY what we are facing? Remember Medvedev recently showed the prototype international coin. Is the plan to finish off the dollar and advocate a new gold backed international currency? Why not simply back the dollar with gold and keep our own currency?
Gold is going to win out in the long run. The only real question is going to be how much pain are we going to swallow before we admit that our monetary policy is fatally flawed.
Essays-890914 Mission to Moscow