It’s a bit late to be talking this way but mainstream liberals like Roger Cohen are talking about the need to change the system toward a gold standard.
The Bretton Woods system of monetary management collapsed in 1971. Since then the dollar’s been the primary reserve currency. Now, we’re reaching another point where a rethink of the foundations for a global economy is needed.
Global trade and capital flows are essential to prosperity. But it’s illogical to have a global system with no global reserve as insurance. Perhaps the trillions of Gulf and Chinese surpluses could be used to fund that. Or perhaps it’s time for a return to the gold standard.