The grounds for the prevailing opposition to gold convertibility are nicely summed up by Prof.
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The best documented way of stabilizing the dollar is to restore its convertibility into gold.
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Conservatives are turning to classical gold convertibility as the authentic proven way of uplifting workers.
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Convertibility was available not only between banks but also between private citizens and banks.
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But in August, 1971, President Nixon terminated gold convertibility of the dollar, thereby abolishing Bretton Woods.
It was Domingo Cavallo, President Carlos Menem's economy minister of 1991-96, who brought in convertibility.
The government promises to gradually strengthen the currency by around 3% annually until it reaches full convertibility.
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While focused on convertibility conservatives are open, encouraging, and supportive of the Austrian proposal of a parallel currency.
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The long-run value of money is certain, unlike in a pure fiat money regime without rules or convertibility.
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Full convertibility of the renminbi is inevitable and will come at some point.
The Chinese economic model, as presently constituted, is incompatible with complete currency convertibility.
Last but by no means least, Draghi failed to specify how exactly the ECB intends to eliminate "convertibility risk".
Fernando de la Rua, the presidential candidate of the centre-left opposition Alliance has echoed Mr Duhalde in backing convertibility.
But they suffer from limited currency convertibility and a lack of investment opportunities.
Further market plunges might not put paid to convertibility, but they would mean higher interest rates and a longer recession.
Adopting a convertibility rule, however, such as existed under the classical gold standard, would result in a forecast-free monetary regime.
If we grasp the opportunity of gold convertibility this still-dawning millennium beckons with the possibility of becoming a new golden age.
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But when Buenos Aires' economy began to reel from International Monetary Fund-imposed taxes, markets began doubting Argentina's willingness to maintain convertibility.
The next major step toward achieving gold convertibility would be to define the US dollar as a fixed weight of gold.
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President Nixon gave us our fiat dollar on August 15, 1971, when he suspended convertibility of the U.S. dollar into gold.
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Nixon suspended the dollar's official convertibility into gold this month 38 years ago, closing the "gold window" on Aug. 15, 1971.
And the only reason people think about dollar convertibility again now is because conservatives are talking up a new gold standard.
In the absence of convertibility into specie, there must be a monetary rule to anchor the nominal value of paper currency.
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Ultimately, Chinese officials will not permit full convertibility during the current five-year plan, despite what they may be saying at the moment.
President Richard Nixon broke this promise in 1971 by suspending gold convertibility.
First, it forces the issue of full convertibility of the Chinese currency.
Topics would include financial instruments in East-West trade offered by the banking sector (such as bonds), bank-to-bank cooperation, and even ruble convertibility.
Also, budget deficits got easy to finance in the absence of dollar convertibility, so you can hang their permanence on 1971 as well.
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There is ample evidence that restoring gold convertibility would put the world back on the path of jobs, growth, and a balanced federal budget.
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The data show that restoring a strong and stable dollar through gold convertibility is the surest, simplest, recipe for economic growth and deficit reduction.
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