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Pete Grant and Jonathan Kosares discuss new U.S. Treasury Secretary Timothy Geithner calling China a currency manipulator. The gold market responded almost immediately, climbing $50 in price. While domestic economic concerns in both the U.S. and China present a scenario of competitive currency devaluation, price inflation becomes the single most likely feature regardless of the exchange-rate outcome. If Asia plays its "trump card" in reversing its pattern of buying U.S. Treasuries, a worst-case inflation scenario would involve the Federal Reserve attempting to pick up the slack through its own program of purchasing those bonds -- thereby directly monetizing the U.S. Government debt. The panelists also answer a viewer's question about gold bullion.

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