Sublime

the need for social safety nets to stimulate domestic demand. I will argue that the need for social safety net is for the purposes of social harmony rather than for increasing the ratio of consumption in China.

points to imbalances between production and consumption in the major economies as the primary source of monetary instability.

This is certainly not to say that we were better off under the gold standard, but it does suggest that some of the automatic adjustment mechanisms under the gold standard were extremely useful and should somehow be replicated.

In fact I will argue that excessive use of the U.S. dollar internationally actually forces up either American debt or American unemployment. It is more of a burden for the United States than a privilege.