🔗 Keynes’s Bancor idea needs revisiting in wake of Trump

Personally - I would say ‘in wake of Trump’ is not a qualifier.

1. Bretton Woods was 80 years ago - things have changed - even without Tяump - like when Nixon killed it.

2. Keynes ‘wanted something other than the US dollar as the world’s reserve currency because he knew that it would bestow on the US an “exorbitant privilege” - turns out he was right.

3. ‘There would be a separate system of “use it or lose it” pressure designed to force wealthy nations to spend their surpluses on imports from debtor nations, stimulating global trade rather than letting capital sit idle.'

AND TIL: History really does rhyme;

Harry Dexter White, a US Treasury official who was later accused of espionage for Russia. He dominated the 1944 conference, and his plan prevailed.