European leaders meet in Brussels on Thursday for the start of a two day summit in what many are hoping will be a turning point for resolving the euro zone crisis. Expectations are high that a deal can be brokered by Germany and France to overhaul economic rules and create confidence in the beleaguered currency. Treasury Secretary Timothy Geithner met with European officials earlier this week, a sign of American interest in reaching a resolution. But some economists and politicians are beginning to question whether, from the U.S. perspective, the euro is really worth saving.

The head of the World Bank is calling for a new version of the gold standard. But what would you pick instead of gold?

Robert Zoellick laid out a proposal for reform of world currencies that included considering "employing gold as an international reference point ... Although textbooks may view gold as the old money, markets are using gold as an alternative monetary asset today."

If gold is the old money, then what else could we peg our currencies to?

Mid-term elections are just two weeks away, and a frenzy of campaigning from President Obama, First Lady Michelle, and the Tea Party express is about to get underway.

Takeaway managing producer, Noel King, and Charlie Herman, business and economics editor for The Takeaway and WNYC Radio, explore what's ahead this week as we get close to election day.

The United States claims that China is deliberately keeping its currency between 25 and 40 percent undervalue, giving its manufactures an unfair advantage against imports and making Chinese exports even cheaper. As Treasury Secretary Timothy Geithner testifies before Congress at hearings designed to force China to revalue its currency, the BBC's Mark Gregory gives us the latest from London.

It's Monday, which means it's time to take a look at what's ahead this week in the agenda with the help of Marcus Mabry, associate national editor for The New York Times, and Charlie Herman, The Takeaway and WNYC's economics editor. 

 

President Obama is in China today as part of a weeklong tour of Asian nations. When he meets with government officials, Obama is expected to ask China to revalue its currency. China has long pegged its currency, the yuan, to the U.S. dollar, which means that when the dollar drops — as it did last week — the yuan does also. That ensures that Chinese-made goods remain consistently cheap when compared with American-made products. It's got American manufacturers and some economists up in arms.

For a look at whether or not the president has any bargaining power with the single largest holder of American debt, we turn to David Barboza, Shanghai correspondent for The New York Times. Mary Kay Magistad, China correspondent for PRI's The World, has the latest on a town hall meeting that the President held with Chinese students.

• Washington Takeout: Takeaway Washington correspondent Todd Zwillich describes some of the hoaxes that are making business not-so-usual on Capitol Hill this week. 
• Business Takeout: Dan Gross, columnist for Slate and Newsweek, explains why the dollar continues to fall against other currencies. 
• Sports Takeout: Ibrahim Abdul-Matin takes us through two exciting MLB playoff games, both decided in the final inning, and both with a final score of 5–4. 

Brazil, Russia, India and China sometimes referred to as the BRIC group, meet today to work out how to exert more control over the global financial system. On their agenda is how to create a new currency that could replace the U.S. dollar. Clifford Levy, New York Times Moscow Bureau Chief, joins the Takeaway to talk about this plan and what it will mean for the American economy.

The Fed cut rates effectively to zero, while OPEC is cutting production and the U.S. Treasury is casting billions about in hopes of stimulating the sagging U.S. economy. Unfortunately none of it seems to be inspiring investors or improving the state of the American economy. In fact, the U.S. dollar plunged against the yuan yesterday and markets remain volatile. Jeremy Stretch, a Senior Currency and Markets Analyst at Rabobank, joins The Takeaway from the trading floor in London.