If you noticed, he said that could come about by market forces or by governments choice. This is very much like what Jim Rickards has been talking about for a couple of years.

If done by the markets, nothing official would be announced. All currencies around the world would just print and they all would debase together to ease the debt burden within their borders. The effect would be a defacto revaluation of gold and all other hard hard assets through rising prices (money worth less so it takes more to buy anything). If it was a government edict like when Roosevelt revalued gold it would be an announced devaluation. I only see that happening if things got so dire that a loss of confidence came about in the currency. In that case something would need to be done (like Weimar backed their new currency by land to bring confidence back to the monetary system) to restore confidence. Otherwise I think governments would be happy to let the revaluation happen in a stealth manner where they did not have to admit to anything. Three fourth of the population would never figure out what hit them anyway whereas an announced devaluation would be admission of failure.

John