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Financial Times/Chris Watling/3-17-2021
“With a new US administration, and the end of the Covid battle in sight with the vaccination rollout under way, now is a good time for the major economies of the west (and ideally the world) to sit down and devise a new international monetary order.”
USAGOLD note: Watling suggests a new system with “some form of anchor” but falls short by calling for “central electronic currency” or electronic SDR’s. In either case, it is difficult to see how that would be much different from what we already have, except they might remove the dollar and the United States as centerpieces in the world economy. Watling also suggests a debt jubilee – “especially the government debt held by central banks.” What happens, in such a case, to all the institutions, individuals and nation-states holding that same paper as assets on their balance sheets? All in all, this is one of the more loosely contrived guidelines for a future monetary system we’ve seen.
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