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<p>[QUOTE=&quot;GoldFinger1969, post: 25271138, member: 73489&quot;]Interesting article -- and from 1965 !! <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie8" alt=":D" unselectable="on" unselectable="on" /><img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie100" alt=":wideyed:" unselectable="on" unselectable="on" /></p><p><br /></p><p>Here&#039;s the rub.&nbsp; DeGaulle and others can moan about &quot;exorbitant privilege&quot; but at the end of the day you have to be willing to lose gold and/or run current account deficits (capital account surpluses) if you are going to be the global financial reserve currency.&nbsp; <b>France was NEVER willing to do that -- nor able to, either.</b></p><p><br /></p><p>The works I have cited seem to indict French monetary policy for being way too tight....in other words, France was supposed to lose gold and weaken the franc by running a loose monetary policy in the late-1920&#039;s....instead, they did the opposite.[/QUOTE]</p><p><br /></p>

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