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Over 35 years experience working in oil and gas accounting with privately held oil and gas producing companies. Also have a blog that covers monetary system issues and the potential for major future monetary system change. (  - email: ... more

Dr. Warren Coats - My Political Platform for 2017

Date: Monday, February 6, 2017 10:51 AM EST

Readers here know that we have featured articles by former IMF Chief of Operations (SDR) Dr. Warren Coats. Dr. Coats has decades of experience related to the issues we cover here and has also been kind to donate some of his time to help add information to this blog (like this interview he did here last year). 

Right now there are no major events taking place leading to the kind of major monetary system change we watch for here. I do want to try and continue to produce a few articles for the readers who continue to visit here regularly while we wait to see how things unfold.

Here we have a recent blog article by Dr. Coats where he lays out his vision for a political platform for 2017. I thought it had several interesting ideas and his section on monetary policy of course directly ties in to what we cover here. Below I have excerpted his section on monetary policy (bold emphasis is mine). Below that are a few added comments.


Monetary and Financial Policies

Government policies that affect business should be as rule based and transparent as possible. Monetary policy stands out as a particularly important area in which clearer rules are needed. A currency with stable real value (purchasing power) is an important part of the foundation of efficient free markets. At the very minimum the Federal Reserve’s mandate should be tightened as provided in the very pragmatic Federal Reserve Accountability and Transparency Act of 2014. This act would require the Fed to chose an operational rule, from which it could depart only with an explanation to Congress of its reasons. A deeper review of options is proposed by the Centennial Monetary Commission Act of 2015. I have proposed a more radical reform in the spirit of the gold standard but with tighter rules and an anchor of a large number of goods rather than just gold. The supply of this currency, which ideally would become the global currency, would be regulated by the market using currency board rules and “indirect redeemability.” A hard anchor for the dollar.
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