From the UK Telegraph:Robert Zoellick, the president of the World Bank, has called on bickering G20 nations to bring gold back into the global monetary system as an anchor to guide currency movements.
Ahead of a Group of 20 summit this week in Seoul, Mr Zoellick said an updated gold standard could help retool the world economy at a time of serious tensions over currencies and US monetary policy.
He said the world needed a new regime to succeed the "Bretton Woods II" system of floating currencies, which has been in place since the fixed-rate currency system linked to gold broke down in 1971.
"The system should also consider employing gold as an international reference point of market expectations about inflation, deflation and future currency values,"
"Although textbooks may view gold as the old money, markets are using gold as an alternative monetary asset today." Mr Zoellick said in a commentary piece......read in full
No comments:
Post a Comment