If the next presidency is to show true seriousness on reducing inequality as it has developed in recent generations in this country, a formal reform of the monetary system in the direction of permanent dollar stability will be required.

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The elevation of reform of our broken monetary system to a bi-partisan economic issue may be the biggest positive development of the next two years.

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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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Step 4 is to reform of our broken monetary system.

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Several leaders, such as German Chancellor Gerhard Schroeder, showed a commendable sense of urgency by demanding that reform of the world's monetary system be decided in time for the June summit of G7 industrialized nations.

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Stiglitz was chair of the Commission on the Measurement of Economic Performance and Social Progress in 2008 and last year was appointed to the United Nations General Assembly as chair of the Commission of Experts on Reform of the International Financial and Monetary System.

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Righting them will require wholesale reform both of financial regulation and of the entire global monetary system.

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Monetary reform, however, was delegated to the chairman of the Federal Reserve System, Paul Volcker.

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So reform-wise, nothing happened to our monetary system in the go-go years of the 1980s and 1990s (outside of making celebrities of Fed chairmen).

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