The latest Forbes column from Johns Hopkins econ prof Steve Hanke:

WANT TO KNOW WHERE THE REAL ACTION will be over the coming months? Forget stocks, think foreign exchange. There are tectonic moves afoot in the currency markets these days. During the past year the Polish zloty has fallen by 23% against the euro and 11% the Hungarian forint. Now both countries are talking about replacing their currencies with the euro.

The International Monetary Fund likes this idea and wants other
European countries to “euroize” as fast as possible.

The Chinese are wringing their hands over the U.S. Federal
Reserve’s ballooning balance sheet. Beijing is threatening to halt
its Treasury buying if the dollar slides and has suggested that
IMF Special Drawing Rights (SDR) replace the greenback as the
world’s premier reserve currency. A United Nations panel has
seconded China’s motion, but just in case it doesn’t happen,
China is buying gold.