Revenues are distributed in monetary form

Everyone is talking about Bretton Woods (Conference in July 1944 to lay the groundwork for postwar monetary system) and a talisman; but without ever mentioning the gold. As if this was a detail within an ever gone past. Serious reforms or not proposed by the g-20, the risk is high to close the noose of the current monetary system or a version that would be three times worse... on the world economy: two currencies (dollar euro), reserve instead of one! An image beautifully adapted to its purpose, John Maynard Keynes was excommunicated and buried the supporters of the old orthodoxy remained attached to the logic of the gold standard: a system where, he said, "human dig Earth for extracted gold will immediately buried in the cellars of the institutes of emission". Evocation, by the same author of the "barbarous relic" did the rest. The whiff of magic that evokes the phrase completed to discredit the supporters of a metal standard.

However, the problem posed by the existence or not of a monetary standard is ever more topical. It is in this sense that the real economy suffers an absurd instability of exchange rates, without link with economic "Fundamentals". However, in the history of capitalism, there was was floating exchange rate that in times of war fierce and prolonged (seventeen years of English struggle against Napoleon, the two world wars of the 20th century). It also wanted to mention that with the metal gold, the stability of exchange rate regime is provided of course the only game of the gold market. At least, this market and gold mines which feeds are then used to something! However, if the Bretton Woods regime, which had released saddle gold, failed, it is for being unable to ensure the proper functioning of this market. This is the origin of all distortions that followed until today. Why this failure Because the balance of payments of the United States presented the anomaly to be consistently in deficit.

Is not a deficit that is. Be to lenders and, still less granted thing to everyone, lenders willing to lend without limit amount or duration. To accomplish the feat, a necessary condition for the large borrower is large and deep market in the world for its public debt. The national debt, and with all the trappings of "liquidity", was almost irresistibly to become the international currency of "reserve", i.e. of regulation, central banks. Bretton Woods had left to develop the monetization of us debt. Re-installed gold in has been overwhelmed. Thirty-seven years, mass "$ scales" in the hands of central banks was multiplied by 260. Hence the exuberance and the ubiquity of the financial sphere.

The Elimination of the gold standard is the needs of the cause, confused with continuous and highly desirable monetary signs dematerialization. We forget that, in essence, the currency is one concrete thing par excellence. Revenues are distributed in monetary form. The currency, was reduced to a single electronic registration, is because it gives unconditional purchasing power. It is measured by the quantity of goods that it allows the holder to acquire. It is impossible to represent the value other than by a commodity: gold for example. Put gold offside, the reference to the concrete problem calls not less a solution. Each nation or group of nations now guide its monetary policy on the basis of the evolution of the price index. A statistical construction which, by definition, is unique to each. Remains whether this solution is more or less arbitrary than the previous. She spends the fragmentation of currency areas. From this point of view, it is incompatible with a global economy.