Like watching an automobile crash or a train wreck, we continue to watch Europe. The euro follies continue unabated and will continue to have grave consequences for financial and economic systems worldwide. Pulp transactions, in particular, to say nothing of energy transactions, are in a potentially perilous state in Europe with the possibilities of spill over into other areas if things go badly wrong. The Dow Jones Average run up of more than 400 points last Wednesday only further illustrates the need for adult supervision on all fronts.

As rocky as the U.S. economy has been -- and it seems impossible that we would say this -- but keeping your books and your transactions in U.S. dollars appears to be the prudent thing to do, no matter your location. Is the scheme to replace the U.S. dollar in international transactions with a basket of currencies dead? It appears so, unless we want to go back to all transactions conducted in that old reliable -- solid bars of gold.