But, as acknowledged in the paper, governments intervene in currency markets to pursue a variety of policy objectives (not just to secure an exporter advantage), including to defend the currency from competitive devaluations.

FORBES: Foreign 'Currency Manipulation' Does Not Warrant Washington's Attention

Krugman and much of the left are content to lean on QE2 to deliver the next bubble without high inflation, an outcome they have been able to secure repeatedly in the paper dollar reserve currency system.

FORBES: The Krugman/Bernanke Gambit Is Up

Moreover, Gulf countries might feel more secure about liberalising and eventually floating a Gulf-wide currency, backed by several countries' reserves.

ECONOMIST: Monetary union in the Gulf

It sure would be nice if the world had a decentralized peer-to-peer digital currency that could be transferred to mobile devices in a secure fashion.

FORBES: The Somali American Remittance Dilemma

This puts into question the ability of Greece to secure its next round of bailout money from the EU. The Euro currency and European and U.S. stock markets slumped on the Greek news.

FORBES: A.M. Kitco Metals Roundup: Comex Gold Solidly Lower Amid "Risk Off" Trading Day

One of the worst scenarios is that Greece could fall out of the Euro in a messy, unplanned way for example, if it fails to secure aid and is forced to pay its civil servants in a different currency.

FORBES: What To Expect From The Eurozone In 2013

When government is limited and the expenditures are on vital services, such as providing a legal system, local police forces, a sound currency, safe highways, the common defense and other services that secure our life, liberty and property, these expenditures increase the opportunity for voluntary exchanges in the private sector, and the economy grows.

FORBES: Less Stimulus, More Jobs