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According to David Marsh the new New Development Bank (NDB) is a ‘clear potential rival to the International Monetary Fund (IMF) and the World Bank’.   In a first analysis he says the NDB ‘represents the biggest challenge to the world monetary establishment since the creation of the Bretton Woods institutions 70 years ago. He lists the Read the full article…

Industrial and Commercial Bank of China (ICBC), the largest bank of China, and second largest in the world, recently confirmed that ‘a new global currency setup is being conceived’.  The news, first published by Bullionstar.com, came after Jeremy East, Managing Director at Standard Chartered Bank, asked Zhou Ming, General Manager of the Precious Metals Department at Read the full article…

It is almost two years ago that the former Bank of England Governor Mervyn King predicted advanced economies would probably not be able to get out of the current crisis without  large debt restructurings and a recapitalization of the financial system (read banks). In this Bloomberg article he is quoted as saying; “I am not sure that advanced Read the full article…

  According to a IMF historian James M. Boughton the French President Nicolas Sarkozy and British Prime Minister Gordon Brown called for a ‘new Bretton Woods’ agreement in October 2008, shortly after the fall of Lehman Brothers. We quote mr. Boughton; ‘What Sarkozy and Brown envisaged was a new multilateral agreement to stabilize international finance in Read the full article…

Because we don’t have much time we quote Zerohedge.com on this story; One of the conventional justifications by tenured economists for a fiat currency regime, especially as a replacement for a gold, or other hard currency, standard, is that the financial system has been far more stable under a non-gold standard regime. While we have frequently Read the full article…