By David Scott | Monday 5 September 2016
The current world monetary order, particularly as seen in the eyes of the baby boomers, was established in 1945 and has muddled along ever since. It has had near death experiences several times, especially in August 1971when the world almost lost faith in the global reserve currency, as it ditched its gold anchor and again in 2008 when the fractional reserve (money created out of nothing) monetary system came within hours of self consumption and systemic failure. If the current monetary system were a computer operating system we would have ditched it and got a new one, rather than doubling up and putting it under more extreme pressure, in a last ditch and dangerous experiment that has never been tried before. Too big to fail banks, are now bigger and debt has exploded since our near death experience, only a few years ago.
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