If the smartest guys in the room (sovereign finance ministers, central bankers, and prime ministers) are so smart, why are their actions so stupid? Google Brown's bottom.
Even though the Swiss have a centuries-old tradition with gold, their finance ministers made untimely gold sales. And the staid Norwegian finance authorities are making mistakes in real-time. The Saudis? Their budget deficits are soaring, unleashing social unrest in the House of Saud.
Why is this important? Because it signals the end of the petrodollar, as the Saudis no longer receive payment in USDollars from China, Russia, Turkey and other oil customers. That eliminates the demand for USDollars in global trade, thus reducing the dollar's value.
Import prices will rise for ordinary Americans, as the purchasing power of the dollar decreases. Our standard of living will decline.