Comment by tzs

From the "explain this in a paragraph" paragraph:

    Athens has run irresponsible deficits for a decade
    on top of an economy operating at a fraction of
    the productivity of Germany and France. If it were
    in control of its own currency, the solution today
    would be simpler. It would print more money to
    depreciate the currency until the value of goods
    fell relative to trading partners, which would
    grow exports. But Greece doesn't control its own
    currency. It's stuck with the euro, which bought
    ten years of low borrowing costs at the price of
    three years (and counting) of difficult, if not
    impossible, adjustments.

Interesting. Isn't this situation (not controlling your own currency) the same thing that happens if a country uses a commodity-based currency where there is a relatively fixed supply of the commodity? (E.g., gold). In other words, is what is happening in Greece a refutation to those who say we need to switch in the US to a gold-based currency?