It would be unwise for China to float the yuan until it has cleaned up its banking system, but it could repeg against the dollar at a higher rate and shift to a currency basket, which is what the government has said it would like to do.

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Allowing the yuan to float freely could have bad implications if the country's financial system is not in good shape.

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The system is reliable, and the problem of having messages float into cyberspace and never reaching their intended recipients has been solved, according to Mehalick.

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Critics carp that we would have to float bonds to help pay Social Security beneficiaries during the long transition to a more private system.

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