Bancor: What if Keynes was right? (Notes for a reform of the International Financial System)
From the gold standard to the current -fiduciary and with floating exchange rates- all systems collapse due to the crises they generate, each one harder than the last. Today, countries must accumulate dollars and thus contribute to the waste of the US, which does not address its enormous public and trade deficits. A problem for the US (with an overvalued dollar and a non-competitive industry) and for the rest of the world, which is beginning to distrust... Given the recurrence of banking crises since 1973, the costs may already exceed the benefits.