Peter Bernstein says that “today (1990s) many people believe that the dollar is the glue that holds the system together, as gold did in the past.” However, he also adds that “Gold may again serve as the ultimate hedge in chaotic conditions. Its return to its traditional role as universal money is unlikely, however, unless the time should come when the dollar, the euro, and the yen have all failed to function as acceptable means of payment across international borders.”