Our Three Monetary Futures — Haven’t Changed Much Since 1944

At some point, especially if there is some sort of major crisis, we may have another get-together like the one at Bretton Woods seventy-three years ago. At that point, we will consider Option One, today’s floating fiat status quo, which is even worse than the mess of the late 1930s. We will consider – briefly – Option Two, just as Keynes’ bancor was considered, briefly, before being sent to the trashcan. We will look back on our decades of experience with all three options since 1914 — decades in which one system worked well, and two did not. And then, if we still have a bit of vision and backbone, we will take Option Three, a world system based on gold.