tag:blogger.com,1999:blog-3381985327954951465.post835171888310970188..comments2023-09-23T08:36:08.569-05:00Comments on The View From Our Whitehouse - Monetary System Reform Watchdog: Yanis Varoufakis (former Greek FM) Imagines a New Bretton Woods + a New Global CurrencyLarry Whitehttp://www.blogger.com/profile/02134971615760319862noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-3381985327954951465.post-14787693485132264402016-05-10T09:34:20.956-05:002016-05-10T09:34:20.956-05:00The asymmetric adjustment pressures (BOP deficit c...The asymmetric adjustment pressures (BOP deficit countries must adjust while surplus ones don’t have to) have remained a problem since the establishment of the gold exchange standard under the IMF. Dissatisfaction with the existing system of international payments is growing. Yanis Varoufakis has proposed a modern version of Keynes’ International Clearing Union to replace the US dollar as the international reserve asset and restore the symmetric adjustment pressures of the gold standard. These are desirable objectives, but Varoufakis’ scheme (regulation of the supply of his new currency by a computer administered rule with taxes on both BOP surpluses and deficits) is more complicated than is necessary to achieve these objectives. My Real SDR Currency Board scheme is both simpler and more market sensitive. Anonymousnoreply@blogger.com