The markets react to this threat by bidding up the price of gold, and other commodities (like oil) that can serve as inflation hedges.

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Much of that growth will take place in booming China, where robust demand is expected to keep up prices of oil and other commodities like copper which is a major component of, for example, electrical wire.

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Like gold, oil and other commodities, copper mine supply growth has made little headway recently.

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There's also a call for the G20 this autumn to co-ordinate action in a bid to bring down inflationary pressures, which looks like a heavy hint that the oil price and speculation in other commodities should be constrained.

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If that were to happen, demand for dollars would sink, and because there is no other currency to take its place in terms of trade, global inflation would rise as important commodities like agricultural goods, oil and precious metals metals would rise substantially to compensate.

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