It is well‐known that history is written by the victors, but in the era of government money, victors get to decide on the monetary systems, too. The United States summoned representatives of its allies to Bretton Woods in New Hampshire to discuss formulating a new global trading system. History has not been very kind to the architects of this syste

In this scenario, other currencies become less sought after, the dollar more powerful. It is the ultimate expression of U.S. hegemony, and, for other governments, undermines their nation-state sovereignty.

The emergence of digital money will not only defeat inflation once and for all; it will also contract leverage in the banking systems of the world. The ability of people everywhere to bypass regulatory authorities and shift their funds directly through the Internet is an entirely unprecedented consequence of the globalization of markets. It will be

If the world is to address these global imbalances, it cannot do so without addressing the part that currency intervention and accumulation play. Some seventy years ago, John Maynard Keynes tried to get the world to understand this when he argued in favor of the creation of Bancor, a supranational currency to be used in international trade as a uni