Are we Overdue for a New Worldwide Monetary System?

“Every 30 to 40 years, the world has a new monetary system. Whenever man has the arrogance to try and design in some sort of system, when people think they’re smarter than the free markets, the system is doomed.”

The classical gold standard lasted from 1871 until World War I broke out in 1914. The gold exchange standard followed between the two world wars. Then the Bretton Woods International monetary system carried on from 1944 to 1971, where the US dollar was only partially backed by gold. From 1971 to now, the entire world has been on the dollar standard.

“So we are already overdue for a new worldwide monetary system,” says Maloney. “It will be this way as long as governments don’t allow the free markets to work.”