World Money and Hyperinflation

sentinelblog

Source: DailyReckoning, by Jim Rickards

This world money has existed for some time, but it’s about to become a lot more important.

In 1944, John Maynard Keynes proposed a form of world money, which he called the “bancor,” at the Bretton Woods international monetary conference.

In 1961, Nobel Prize winner Robert Mundell said, “the optimum currency area is the world,” laying the theoretical foundation for world money in his classic article “A Theory of Optimum Currency Areas.”

In March of 2009, U.S. Treasury Secretary Timothy Geithner supported greater issuance of Special Drawing Rights (SDR’s) at the depths of the financial crisis.

And as recently as October 2015, the former undersecretary general for economic and social affairs (ECOSOC) of the United Nations, José Antonio Ocampo, wrote an Op-Ed calling for new issues of SDRs with a disproportionate share going to emerging markets.

The list of prominent international monetary elites calling…

View original post 186 more words

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s