It is time, and long past time, for the practical men of our era such as our president and the Republican presidential aspirants to throw off the shackles of various defunct economists, cease to distill frenzy from some academic scribblers, embrace the Mundell-Tamny hypothesis, and move forward, immediately, to multilateral convertibility of currencies to gold.

FORBES: The Emerging New Monetarism: Gold Convertibility To Save The Euro

In an earlier phase of capitalism, Britain and the earlier European commercial powers (the Dutch Republic, Sweden) created central banks either to lend money to the government or to stabilise the convertibility of trading currencies into gold.

BBC: Central banks are part of the state