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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

Monetary System Reform - Various Ideas Exist

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


Robert Pringle - (former Director at The Group of 30) - Mr. Pringle has written an interesting book (The Money Trap) and has a blog also titled The Money Trap. On his blog he talks about an idea for a new global reserve currency (the IKON) based upon the work of the German economist Wolfram Engels. The IKON would be anchored to the global equities market as I understand this proposal. Mr. Pringle also has a fascinating article (read it here) comparing a variety of ideas that have been proposed for a stable monetary system well worth reading. He looks at the pros and cons of several ideas. (note: Robert Pringle advised me by email that he is more concerned that monetary policy makers realize reforms need to take place than anything else. He says he could easily support Dr. Coats SDR proposal if it would lead to some momentum towards reforms. He is concerned that right now there is not much momentum for change in Washington D.C. or in the EU. He has a new blog article out on this today)


- Yanis Varoufakis (former Greek Minister) - proposes a new global currency he calls the Kosmos. We covered his idea here earlier this year. Dr. Warren Coats offered us some comments on this idea in our blog article (click here)


- A return of gold to the monetary system - This idea takes various forms ranging from a return to an actual gold standard (where currency can be directly exchanged for a fixed amount of gold) to more modern ideas for using gold as a type of "hard anchor" in one way or another. Here is an article that provides one example of this concept by F. William Engdahl. Some holding this view see Russia and/or China being proponents of a return to gold in the monetary system (note: Hugo Salinas Price recently made this presentation in Russia at the invitation of the Russian Deputy Prime Minister) 


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