World bank president seeks gold standard debateFinancial Times
Nov. 07, 2010
CNN's Stelter Attacks Fox News For Covering Story Of Illegal Immigrants Raping Girl At School
Gross: TSA Agent Gropes Disabled Boy In Front of His Mother At DFW Airport
CrowdStrike Firm Which Peddled 'Russian Hacking' Conspiracy Theory Retracts Claims
'Sorry, Not Sorry': Leftists Celebrate Surge In White Working Class 'Deaths Of Despair'
Antifa Thugs Beat Down & Arrested For Attacking Trump Supporters At Huntington Beach Rally
Leading economies should consider readopting a modified global gold standard to guide currency movements, argues the president of the World Bank.
Mr Zoellick, a former US Treasury official, calls for a system that “is likely to need to involve the dollar, the euro, the yen, the pound and a renminbi that moves towards internationalisation and then an open capital account”. He adds: “The system should also consider employing gold as an international reference point of market expectations about inflation, deflation and future currency values.”
"The scope of the changes since 1971 certainly matches those between 1945 and 1971 that prompted the shift from Bretton Woods I to II," Mr Zoellick writes. "Although textbooks may view gold as the old money, markets are using gold as an alternative monetary asset today."