Even as the crisis was still raging, in March 2009, Zhou Xiaochuan, the governor of the People's Bank of China started to talk about moving to a different kind of international currency system, with better alternatives to the dollar.

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When I started at the Richmond Fed in August 1968, what they are now calling currency manipulation was the standard, accepted international monetary system.

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Goolsbee, along with dogmatic reactionaries such as Paul Krugman, studiously ignore the implications of the utterly damning critique of the fiduciary currency system by The Bank of England last December in its paper titled Reform of the International Financial System.

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Restaurants International grew system sales 13%, prior to foreign currency translation, including new-unit growth of 7%.

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He suggests that the international financial system, which is based on a single currency (he does not actually cite the dollar), has two main flaws.

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The gold-based Bretton Woods monetary system provided the currency stability necessary for the resumption of international trade.

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Mr Zhou calls for a radical reform of the international monetary system in which the dollar would be replaced as the main reserve currency by a global currency.

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Stable Money, ideally, means a gold standard system. (For smaller countries, it can mean a link to a reliable international currency.) Although it is possible to devalue the debt away, unfortunately you also devalue your economy away at the same time.

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