Gold, When All Else Fails, Part 1: China's Last Resort

A glimpse of America's future?

Since the beginning of recorded history, people have viewed gold as 1) money and 2) something to be replaced by sexier financial instruments whenever possible. Today’s fiat currencies, for instance, exist because governments find creating “wealth” out of thin air much more fun than living with a fixed money supply.

And as financial markets have become m…