Analysts argue that revaluation is in order, a stance that received a boost last May when Kuwait de-pegged its dinar from the dollar, shifting to a floating basket exchange system.

FORBES: Magazine Article

The three key elements of this policy remained the adoption of a floating exchange rate system, the anchoring of monetary policy to the inflation target and the acceleration of banking sector reforms, he said.

BBC: Indonesia signs new IMF deal

Today the world uses a system of floating exchange rates based on "fiat" or government-created money.

FORBES: Magazine Article

He was one of the first people to predict, correctly, that a system of freely floating exchange rates, unconnected to gold, would work just fine.

FORBES: We're In Milton Friedman's World

All the while, Milton Friedman kept pointing out that these crises would all go away if we went to a system of flexible or floating exchange rates.

FORBES: Currency Manipulation

However, in 1971 under President Richard Nixon, the Bretton Woods system collapsed and the major currencies shifted to a floating exchange rate regime.

FORBES: What Happens in a World Without Dollars?

As a consequence, their proposed solutions do not address the underlying instability of the current system of floating paper currencies that bob about on foreign exchange markets whipped this way and that by forces that have little, if any correlation to the so-called underlying fundamentals.

FORBES: An International Gold Standard Beats The Rule Of The Governing Elite

If a country adopted a gold standard system today, the result would be violent swings in exchange rates with other, floating currencies.

FORBES: 40 Years Of Floating Money, 40 Years Of The Average Worker Getting Poorer