Re: [A-List] Linking anti-war and anti-globalization movements

[WRC92@xxxxxxx]

Anne and Hans,
I enjoyed both of your thought-provoking opinions.  I have a questions for both of you.

Anne, back in 1971 or 1973, it is my understanding that the US had '2 weeks left' of gold to back the dollar. So, Nixon took the dollar off the "gold-standard" and in 73' we got the Saudis to agree to the oil for dollars only policy.  Given the trillions of dollars that have been printed in the last 30 years, how would one go back to the "gold standard" without dismantling the current US infastructure?  I doubt there are enough tonnes of gold in all of the world's reserves to support the valuation of the dollars in current circulation, probably not even close.  How would you recommend such a massive transition given what the US has done from a deficit prespective over the last 25 years or so? I don't have an answer, but I would appreciate your input.

Hans,
How could one create a global fiat currency apparatus to reduce  the oil currecny issues? As a band-aid approach, I thought three combos of reserve currencies would sort-of create a more equitable global monetary system: a dollar, euro, and yuan/yen blocs.  But that doesn't really help nations like Africa, etc.  I guess the thing that strikes horror into the industrialized world is a middle eastern currency based on oil and gold (Islamic dinar?), since oil is the most important commodity on earth.  For more important than gold. Difficult issues, and I can't fathom an equitable solution given the advanced state infastructure and level of debt re the US....

-William