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"/silver%20will%20see%20no%20such%20devaluation,%20as%20gold/silver%20will%20be%20priced%20on%20the%20international%20market%20in%20a%20form%20that%20retains%20its%20value,%20either%20by%20appreciating%20against%20all%20fiat%20currencies,%20or%20being%20valued%20accordingly%20by%20a%20new%20international%20unit%20of%20trade%20like%20the%20SDR%20or%20something%20like%20that.%20%20There%20are%20those,%20me%20included,%20who%20had%20a%20hard%20time%20grasping%20the%20concept%20that%20the%20pathetic%20USA%20fiat%20currency,%20the%20dollar,%20would%20rise%20in%20value%20before%20collapsing.%20%20It%20has%20taken%20me%20years%20to%20finally%20%E2%80%9Cget%E2%80%9D%20it.%20%20For%20those%20still%20not%20understanding,%20remember%20that%20the%20basic%20laws%20of%20supply%20and%20demand%20apply%20to%20the%20US%20dollar.%20%20Even%20though%20it%20is%20a%20currency,%20and%20is%20often%20denominated%20by%20electronic%20entries,%20and%20hence%20of%20unlimited%20supply,%20there%20is%20still%20a%20huge%20amount%20of%20trade%20that%20occurs%20all%20over%20the%20world%20that%20requires%20actual,%20physical%20dollars.%20%20That%20is%20the%20aha%20moment%20for%20me!%20%20Here,%20in%20the%20good%20ole%20USSA,%20we%20can%20transact%20for%20goods%20and%20services%20with%20an%20electronic%20device%20(like%20an%20iPhone,%20an%20ATM%20card,%20a%20credit%20card,%20an%20EBT%20card,%20and%20without%20using%20any%20actual%20cash%20(dollars%20or%20coins)%20at%20all!%20%20All%20those%20transactions%20in%20the%20USA%20are%20settled%20in%20dollars.%20%20Other%20places%20in%20the%20world%20use%20their%20local%20currency%20to%20settle%20transactions.%20%20%20%20There%20are%20also%20transactions%20in%20non-USA%20lands%20that%20need%20to%20be%20settled%20in%20the%20dollar,%20which%20causes%20the%20problem.%20%20Many%20deals%20were%20made%20in%20foreign%20lands%20that%20need%20to%20be%20settled%20in%20the%20dollar.%20%20The%20loose%20USA%20monetary%20policy%20created%20a%20HUGE%20supply%20of%20dollars,%20which%20sloshed%20around%20the%20globe.%20%20Hence,%20the%20supply%20of%20dollars%20was%20large,%20causing%20their%20relative%20price%20to%20be%20less.%20%20This%20opened%20up%20a%20carry%20trade,%20causing%20many%20transactions%20to%20be%20made%20in%20dollar%20terms.%20%20%20%20But,%20many%20parties%20to%20these%20transactions%20want%20to%20unwind%20them,%20given%20deteriorating%20economic%20conditions,%20especially%20in%20oil%20exporting%20emerging%20markets,%20that%20now%20have%20watched%20their%20inflow%20of%20dollars%20for%20their%20oil%20drop%20dramatically.%20%20This%20creates%20a%20strong%20demand%20for%20dollars%20to%20unwind%20the%20transaction.%20%20Huge%20increase%20in%20demand,%20absent%20any%20increase%20in%20supply%20=%20shortage.%20%20Where%20there%20is%20a%20shortage,%20price%20rises.%20%20Hence,%20the%20huge%20demand%20for%20dollars%20makes%20the%20price%20rise,%20further%20creating%20a%20demand%20for%20dollars%20to%20unwind%20transactions%20that%20are%20now%20unprofitable%20since%20made%20in%20lower%20dollar%20terms.%20%20It%20is%20a%20vicious%20cycle,%20one%20that%20Willie%20predicted%20long%20ago.%20%20%20%20This%20physical%20supply%20shortage%20of%20actual%20paper%20dollars%20in%20those%20emerging%20markets%20in%20turn%20makes%20the%20exchange%20rate%20of%20the%20local%20currency%20vs.%20the%20dollar%20cascade%20higher,%20further%20exacerbating%20the%20problem.%20%20Limited%20supply%20=%20price%20increase.%20%20%20%20Now%20I%20understand,%20and%20there%20are%20two%20zerohedge%20posts%20that%20prove%20Willie%E2%80%99s%20hypothesis%20to%20a%20standard%20of%20proof%20I%20am%20comfortable%20with:%20%20%20http://www.zerohedge.com/news/2015-12-23/dollar-shortage-has-arrived-africa-runs-out-dollars%20%5B%E2%80%9Cin%20an%20unexpected%20turn%20of%20events,%20the%20disappearance%20of%20not%20just%20synthetic%20but%20very%20physical%20dollars%20has%20hit%20one%20region%20much%20harder%20and%20much%20faster%20than%20we%20expected.%20Africa.%20.%20.%20.The%20shortage%20comes%20as%20the%20inflow%20of%20dollars%20from%20resource%20exports,%20from%20oil%20to%20cotton%20(but%20mostly%20oil)%20has%20plummeted%20with%20the%20prices%20of%20these%20commodities.%20The%20commodity%20rout%20also%20is%20putting%20pressure%20on%20local%20currencies,%20which%20some%20central%20banks%20are%20trying%20to%20support%20with%20their%20dwindling%20supply%20of%20dollars.%20.%20.%20.%20%20To%20be%20sure,%20African%20central%20banks%20%5Band%20for%20that%20matter,%20all%20central%20banks%20as%20this%20thing%20gets%20away%20from%20them,%20Cal%20Lawyer%20edit%5D%20have%20a%20simple%20way%20out:%20stop%20defending%20their%20currencies,%20and%20let%20the%20market%20determine%20the%20fair%20value.%20The%20problem%20with%20this%20approach%20is%20that%20it%20promptly%20leads%20to%20an%20immedate%20devaluation%20of%20the%20currency,%20and%20without%20fail,%20hyperinflation%20and%20social%20unrest.%E2%80%9D%5D%20%20http://www.zerohedge.com/news/2016-01-12/nigerian-currency-collapses-after-central-bank-halts-dollar-sales-stall-hyperinflati%20%5B%E2%80%9CFor%20now%20Africa%20has%20avoided%20the%20" 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