Of course, I don’t think we need any world bank. Around 1900 almost all international trade conducted in gold and silver. This emerged voluntarily without any massive, tax-payer funded, secretive bureaucracies telling us that it ought to be that way. I’m suspicious of his true motives and intent in making this declaration.
In the run-up to the G20 summit of leading economies, to be held Thursday and Friday in Seoul, the president of the World Bank has published a column in the Financial Times calling for a fundamental revamping of the global currency system involving a lesser role for the US dollar and a modified gold standard. The Financial Times underscored the significance of the column by making it the subject of its front-page lead article on Monday.
In his column, World Bank chief Robert Zoellick, a former US Treasury official, points to the crisis conditions prompting his proposal.
(Read more from wsws.org)