During the 2008/09 Financial Crisis the governor of the People’s Bank of China Dr. Zhou Xiaochuan wrote in praise about John Maynard Keynes’ attempt in the 1940s to introduce “an international currency unit named Bancor, based on the value of 30 representative commodities”.
Instead of this, the US dollar-based Bretton Woods system emerged after World War II, and the dollar still dominates now. In the last five years the supply of imported commodities - such as ener...
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