(The International Monetary System in the 21st Century: Could Gold Make a Comeback?
Out of respect for Philip M. McKenna, the founder and president of the Gold Standard League, I am going to emphasize gold in the title of my lecture. What will be the character of the international monetary system in the next century and how will gold intersect with it? This subject may strike modern audiences as a strange topic, but I can assure you that, back in the 1960s, when people were deliberating about the future of the international monetary system, gold figured importantly in the discussions. Even today, the importance of gold in the international monetary system is reflected in the fact that it is today the only commodity held as reserve by the monetary authorities, and it constitutes the largest component&nb免费论文网 【http://www.51lunwen.net】sp;after dollars in the total reserves of the international monetary system.
It is true that gold today suffers from persistent attacks on it in the press and it is fair to say that there is still a conspiracy of silence on it among international monetary officials. The competing asset, the SDR or Special Drawing Right, was a "facility" or "reserve asset" created by the members of the IMF in 1968 as a substitute for gold. It was initially given a gold guarantee by members of the Group of Ten, which would have made it extremely valuable today; however, its gold guarantee was stripped away in the early 1970s when the price of gold soared, and ever since the SDR has floundered as an important component in the international monetary system. Later in the 1970s, when the Second Amendment to the
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