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More rounds of ammunition were fired off in the global currency wars today, as six of the world's central banks including the Federal Reserve, Bank of England, and the European Central Bank coordinate to get cheap dollars to starving European banks.

Meanwhile, across the pacific, China is cutting its reserve requirements by 50 basis points for the first time in nearly 3 years, a sign that the world's second largest economy and biggest exporter is now reversing its policy of trying to curb inflation and loan growth. We are joined by James G. Rickards, author of Currency Wars to discuss these issues, as well as the growth in gold buying and gold repatriation by foreign central banks, the world over.

We also speak to Jim Rickards about the role he thinks the IMF and its global SDR will play in the years to come, and if the latest bailout 600 billion euro Italian bailout rumor may be just the opportunity for the IMF to step up as a player in the global currency war.

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