Fungible: A good or asset that is interchangeable with other goods or assets of the same class, generally for trade or commerce purposes.
Common fungible commodities on the world market are oil, gold, wheat, and corn. Outside the fact that The United States produces about half its petroleum internally, the US produces and exports the other commodities on a worldwide basis. For years, we have watched our dollar be manipulated by world and US traders; watched its value diminish on the world markets. The interesting thing about these four commodities is that you can't eat gold or oil, and the US is the largest producer in the world of wheat and corn, and rice, and soybeans, and ad infinitum.
In 1996, the following commodity prices approximately prevailed in the world markets: oil $40/bbl
Using 1996 as a base year:
1bbl oil = 1/10 toz gold = 10 bu corn = 12 bu wheat.
In late may of 2011, oil was at $99/bbl. Gold is as high as $1600/toz, wheat was $5.25/ bushel,a nd corn was &7.60/bushel - and the dollar was down 20% for the year.
I propose we all write our congress critters (it is no use talking to our worthless president) and that congress enact a foreign exchange act that demands that transactions in all fungible commodities be accomplished using fungible commodities, with the trade values being set by a formula similar to above, but determined by the FTC or Department of State.
Those oil extorting countries are going to get mighty hungry trying to eat their oil and hoarded gold. Since the PRC is also an energy importer and food exporter, they might like to jump on the bandwagon with us.