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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. (http://lonestarwhitehouse.blogspot.com/)  - email: ... more

Robert Pringle - Kissinger Calls for US to Save the Global Order

Date: Saturday, July 9, 2016 10:19 AM EST

 

Robert Pringle is a highly respected economics author, editor, and commentator. He is well known to central bankers around the world and has commented on monetary policies of central banks for more than 40 years. In addition he was the Executive Director for the influential Group of 30 from 1979 to 1986. Clearly, he is a high credibility voice on these issues.

 

Recently, Mr. Pringle published this article on his blog site (The Money Trap) in reaction to the Brexit vote on June 23rd in the UK. Below I have selected some quotes I felt were significant (and used my own bold type for emphasis). Following that are a few added comments.

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"Henry Kissinger says that today’s international order was “founded upon conceptions that emerged from the British Isles, were carried by Europe around the world, and ultimately took deep root in North America”

He adds that “American leadership in reinvigorating the contemporary order is imperative.”

In a few words, Kissinger shows a depth of understanding and a grasp of the underlying currents and opportunities that are quite out of reach of today’s politicians on both sides of the Atlantic. Let us hope his words of wisdom bring them to their senses.

Here on earth, Brexit is throwing all the dice up in the air. Economists and politicians now try to push their agendas – whether (on the right) for free trade, or a return to gold, or a bonfire of “burdensome regulations” and curbs on immigration, or (on the left) more employment protection, curbing corporate power, income redistribution and other interventionist policies."

. . . . .

Leaders should use this crisis to reinvigorate the world order, as Kissinger says.

"Europe’s crisis is an opportunity for the US. It can lead in restoring such a global order. Europe cannot sort out its existential crisis except within such a truly global order.

EU leaders will never admit this if left to themselves. Yet they would eagerly seize the chance if the US held out a helping hand across the Atlantic 

In this endeavour, we need to re-establish a sound monetary order. It has been done before. It is not impossible!

The classical gold standard provided a good monetary framework for globalisation. We must learn from that, not reject it out of prejudice. But so did the dollar-based Bretton Woods system (which retained a residual gold link).

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