The People’s Bank of China jolted the financial world in March with a proposal for a new global monetary arrangement. The proposal initially attracted attention mostly for its signal of China’s rising global economic power, but its content also has much to commend it.
A century ago almost all the world’s currencies were linked to gold and most of the rest to silver. Currencies were readily interchangeable, gold anchored exchange rates and the physical supply of gold stabilized the money supply over the long term.
A very interesting article. There is not much to read except that dollar has weakened and other currencies are rising. Chinese are also exploring making common currency with Russians. The first major Communist Money but cannot call them Communists because it would make everyone in US look bad helping their economies so much.