Heath helped undermine his day's international monetary system by attacking the dollar on foreign-exchange markets.
Already Malaysia has discovered that opting out of the international monetary system is not easy.
But the main focus is a discussion of global capital markets and the international monetary system.
But it is only one source of tension among many in the international monetary system.
The breakdown of the gold-based Bretton Woods international monetary system during 1968-71 signaled to Mundell that severe trouble was ahead.
During the 1970s the Bretton Woods international monetary system broke down when Richard Nixon severed the dollar from the price of gold.
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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.
This failure should lead us back to the drawing board to re-design the international monetary system, reversing the trend that prevailed during the 20th century.
But that short-lived experiment didn't work, and during World War II the dollar's tie to gold was reaffirmed by the Bretton Woods international monetary system.
Gold once played an important role in the international monetary system.
Will the international monetary system be anything like that of today?
What's more, Mr King reckons today's international monetary system is unsustainable.
This guarantee was made by the Gold Reserve Act of 1934, and reaffirmed under the 1944 Bretton Woods agreement for the post World War II international monetary system.
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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That alone may make the international monetary system less stable.
The ultimate goal was for America lead the world toward a stable, international monetary system based on gold, with the dollar again defined as a unit weight of gold.
More academic types railed against the madness of an international monetary system in which global imbalances are set to widen again and the pace of reserve accumulation is accelerating.
Enthusiasts argue it will thereby end the privileges Americans have reaped from having the world's only reserve currency such as steering the international monetary system and running unlimited trade deficits.
Finally, making the dollar as good as gold, and restoring gold to the center of the international monetary system, will give the Unites States an enormous boost in soft power.
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Such a system would provide a stable and secure international monetary system by defining each of the key currencies, specifically the dollar, euro, pound, yen and yuan, respectively, as a unit weight of gold.
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The Phillips "theorem" caused no end of mischief after the collapse of the gold-based international monetary system in 1971: Leaders tried to manipulate the value of money to create prosperity but ended up creating less growth and more instability.
Overseas as a consequence of more-expansive U.S. monetary policy and other distortions in the international monetary system we see an increasing tendency by policy makers to intervene in currency markets, administer unilateral measures, institute ad hoc capital controls, and resort to protectionist policies.
Doing something effective and substantive, such as creating a modernized version of the gold-based Bretton Woods international monetary system--which lasted from the end of the Second World War until the early 1970s and gave us an era of great, noninflationary economic growth--will not even be broached.
Ever since President Richard Nixon in 1971 killed the Bretton Woods international monetary system by breaking the link between the dollar and gold, the U.S. economy has experienced slower growth, higher average inflation, higher unemployment rates, more bank failures and a series of financial crises that, in total, have reduced our income by about a third.
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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.
But on Saturday, hackers broke into the computer system of the International Monetary Fund.
More than a few observers have dubbed this meeting Bretton Woods II, a reference to the 1944 international conference that established the post-World War II monetary system.
Since then, two of those countries, Latvia and Cyprus, have needed financial aid from the EU and International Monetary Fund, while Slovenia is restructuring its ailing banking system to avoid requesting a bailout.
The gold-based Bretton Woods monetary system provided the currency stability necessary for the resumption of international trade.
He also said international economists believe that in the next few years the dollar will cease to dominate the global monetary system, which will help promote a multi-currency system.
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