Around here, pesos are money. There is a heavy Mexican population, and if I go to the right part of town, I can pay in Mexican fiat dollars.
China is cutting deals in Idaho, supposed to be developing a 50 sq mile area south of Boise into an "industrial park" or something like that, where they will take the goods they "manufacture" here (they have mining claims in the area, too) and ship them to China. By using their piece of Idaho (which for all practical purposes becomes China, US and Idaho law will not apply there and I will be forbidden to enter the area) they will avoid all tariffs. Now, the above is my best effort to piece together the fragments of information I get, and all of this is moving VERY slowly.
Anyway, if Idahoans get a chance to go to "Chidaho" and exchange fiat dollars for gold backed yuan, Idaho's economy will fall in about ten minutes. But it may be decades before it gets that far.
People on the FOREX will be able to do that immediately though, so due to the way the paper markets wag the metal dog, it could have a pretty serious impact and start the panic buying spree.
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