Also: I believe you're right about China and Russia having built up considerable gold reserves over the last few years. India also has a lot of gold and interestingly, much of it is in the hands of individuals.

Fiat IS a scam, yes -- and that's been clear for centuries. Hell, other nations (and traders) stopped taking Roman coins -- causing Roman money to become near-worthless very quickly -- after the silver in the coinage was diluted beyond anything reasonable. Dishonest money is always a scam and pure fiat is . . . I can't even find a strong enough word for it.

C'mon, Q, let's get this show on the road!