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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

Monetary System Reform - Various Ideas Exist

Date: Thursday, June 30, 2016 4:42 PM EST

My added comments: What strikes me in researching this topic is how many high credibility experts see a need to think about future changes to the present monetary system. Clearly, no one idea for reform has yet achieved a consensus of opinion. That has become clear to me from reading the comments of current officials and based on the ongoing discussion we see about various proposals with no indication that any consensus for major change exists right now. Along these lines, in a recent speech to the Bretton Woods Committee IMF Deputy Director David Lipton says:

Let me end by observing that the new normal in global economics has a parallel in global politics. Ian Bremmer of the Eurasia Group has dubbed this a “G-zero”, a world characterized by a “vacuum of global governance”.


It could be that impetus for global change may come from China and Russia. In a recent email I received from OMFIF Advisory Board member Willem Middelkoop, he told me this (and gave permission to publish):

"Russia and Chinese leaders met twice during last week and called (again) and end to the current (dollar) system. From my contacts with Chinese insiders I know they really understand our problems well and are clearly preparing for The Next Phase (a monetary and geopolitical reset)"

All of this suggests to me that those of us who do not have a background in macro economics, monetary systems, etc. need to learn all we can. If events do some day lead to major changes, we need to understand the various proposals being suggested for reform. The goal of this blog is to provide the average person with the best information we can find from the best sources we can find on this important subject. 

We encourage readers to learn as much as possible and dig deeper into the various ideas. The more we understand, the better the chance that decisions on reform can be made that will improve the system for more people. More and more experts seem to think that will become necessary at some point even if that point in time is still unknown and no clear momentum for major change exists right now.

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