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.
We use cookies to improve your browsing experience, personalise content and analyse our traffic. Some cookies are necessary for the site to work and cannot be disabled. By accepting, you agree to our cookie policy. You can change your preferences at any time.