>>>Why cannot the IMF's role be to manage world money?
I wrote:
>>because that's not how it's presently set up (though of course that might
>>change).
>>Now the IMF might become a "world Fed," managing the world's money, but I
>>think that the US power elite would oppose that. It likes the way the
>>actual Fed manages things.
Chris B. writes:
>Sure. Change will not come without a battle.
it doesn't seem like a battle we want to get involved in, since it involves
a conflict between rich-country capitalist elites.
>But from a marxist perspective, of course gold (or silver) as world money
>is a mystification. Although it is less of a mystification to treat the US
>dollar as world money, it still is a mystification.
I don't get why it's a mystification. Gold becomes world money because in
absence of a world state there can't be fiat money. The dollar became the
world money because the U.S. was in effect the world state in the
capitalist zone after World War II and especially after 1971-73 (at least
enough of the world state to force the circulation of fiat money).
Jim Devine [EMAIL PROTECTED] & http://bellarmine.lmu.edu/~jdevine
