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.
So far the monetary system has been exempted from blame for enabling the debt buildup.
Mr Sarkozy seems to think similarly, calling for a multilateral approach to the monetary system.
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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 disorders in our modern monetary system are dramatically different from those faced by FDR.
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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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Before the creation of the Federal Reserve in 1913 it in effect ran the American monetary system.
D-mark, the secure anchor of German prosperity and of Europe's monetary system, for the benefit of others.
The gold-based Bretton Woods monetary system provided the currency stability necessary for the resumption of international trade.
Our tax code and monetary system impose some strange burdens, such as on gay couples, retirees and renters.
Nixon decided to trash the world monetary system rather than face that illusory threat to his electoral success.
An exchange based on trading kiddy cards does not seem like a sound foundation for a monetary system.
Thanks to the monetary system, liquidity would shrink, and output and jobs with it, again as in 1995.
In addition to stretching the gap between rich and poor, the non-gold monetary system had one other notable consequence.
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The Fed, of course, as the bank of the dominant power, gains great power over the global monetary system.
Believing that governments have sincere and good intentions in administering the monetary system is akin to believing in fairy tales.
As an abundance of economic history and data show, the answer lies in restoring integrity to our broken monetary system.
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The breakdown of the gold-based Bretton Woods international monetary system during 1968-71 signaled to Mundell that severe trouble was ahead.
Additionally, the Fed failed to provide stability to our monetary system, resulting in the collapse of the U.S. banking system.
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Any monetary system that uses gold as money will produce deflation, as the economy grows faster than the supply of gold.
Then, the abrogation of the Bretton Woods monetary system in 1971 created an artificial demand for gold as an inflation hedge.
So it was on August 15th, 1971, that President Nixon radically changed the global monetary system by nixing the gold standard.
It would indeed be folly not to insist on a rigorous evaluation of the economic consequences before joining the monetary system.
By removing the need to accumulate vast foreign-exchange reserves, greater currency flexibility would also create a more stable global monetary system.
The early fruit was the Bretton Woods monetary system, which established the rules governing commercial relations between the big industrial nations.
In due course, however, all this activity degenerates into inflation, destroying the monetary system because the money rapidly loses it value.
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Deflation is not a problem in the traditional monetary system and it will not be a problem in the bitcoin economy.
The question of political control over a monetary system is the greatest litmus test for discovering those that seek control over others.
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