Monday, September 26, 2011

A monetary world order

An excerpt from Neil Irwin's article in the Washington Post.

 I had read about George Willis in, "The Exorbitant Privilege". Here is something most interesting about how this guru felt about the international monetary system then and that is also probably true today.

By a very long shot, I do not have the knowledge and confidence of George Wallis, but I have always felt that we can never have a satisfactory system. It is partly a hunch.

Forget about the holy grail. Let's just live with systems that work for short periods. The issue becomes how and when to make the necessary changes. Just do whatever is necessary not to sink the ship. There is no guarantee but at least we must learn and understand as much as possible from the past. Most important, in such times leaders matter, and they must be those with courage. This is clearly missing in Europe today.

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