The Vatican’s Monetary Wisdom
نویسندگان
چکیده
On Monday, the Vatican released an 18-page document titled «Toward Reforming International Financial and Monetary Systems in Context of a Global Public Authority.» Since then, it has been celebrated by advocates bigger government world over. What’s ignored is that —released to stimulate debate, not offer official doctrine— embraces sound economic theory concerning cause financial crisis: breakdown postwar Bretton Woods monetary system unleashing fiat currencies central-bank printing presses. Let’s look at representative passage, while keeping mind several important markers: 1971 was year Nixon administration killed gold standard, along with hard currencies; early 1980s, deregulation many countries removed last major barriers virtually unlimited amounts credit; 1990s decade when drive suppress interest rates became common policy central banks around world. 1990s, we have seen money credit instruments worldwide grown more rapidly than revenue, even adjusting for current prices. From this came formation pockets excessive liquidity speculative bubbles which later turned into series solvency confidence crises spread followed one another over years.
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ژورنال
عنوان ژورنال: Procesos de mercado
سال: 2021
ISSN: ['1697-6797']
DOI: https://doi.org/10.52195/pm.v9i1.245