Tag Archives: dollar
The Ikon: the best world money
States cannot create good money. They are interested parties. A good monetary system should discipline states – i.e. hold them to account. A state-run money cannot do that. That is the flaw in proposals such as those made by Positive Money and The International Movement for Monetary Reform. (Let me add, however, that I go…
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Globalisation – a poisoned chalice
Against such a backdrop, financial globalisation appears to be a weak force. Yet it exists. It exists in many senses. Nations may raise capital controls – though surprisingly few actually have done. But there are ways round them. People’s desire to connect to the major centres of finance where the opportunities and investment chances…
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How vulnerable is the dollar?
There is no point dreaming about a new monetary order when the dollar remains dominant and is here to stay. At least, for all practical purposes. That is the bottom line of most commentaries on proposals to reform the international monetary system, such as that advanced in The Money Trap. Indeed, the…
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Beijing sets out its stall
Although the gloss has worn off the market’s initial enthusiastic endorsement of Beijing’s ambitious reform plans unveiled last month, there is little doubt they represent a major further move towards freeing financial markets – and promoting the international role of the RMB. In addition to changes in how companies file for stock market…
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The Meltzer plan for world money
Professor Allan Meltzer has for some years advocated a reform of international monetary arrangements based on a joint adoption by large economies or areas of similar inflation targets. This is a summary. The US, the Euro, Japan and China (if it ends its currency controls) should adopt a common 0 to 2 percent…
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A North Atlantic trade and currency zone?
David Cameron’s speech threatening to pull the UK out of the EU unless the other members agree to its demands may have started a process of withdrawal that could become irreversible. Although this outcome would be contrary to the stated objectives of the UK prime minister and British government, commentators on both sides of the…
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The world needs a new currency
The following article by Robert Pringle was published by The Christian Science Monitor on July 27. The financial crisis, the 2008/09 recession, the banking scandals that have followed, and today’s limping recovery are all linked. The common factor is the absence of a real international monetary and banking order. Only when such an order is restored will…
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