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As we will elaborate on below, however, the dollar had to be devalued and taken off the gold standard in 1971 because of market dislocations that are not so different from what we are experiencing today.
As of yet, there is no published agenda for the G-20 meeting. German Chancellor Angela Merkel and French President Nicolas Sarkozy call for "genuine, all-encompassing reform of the international financial system." This doesn't sound like we will know on November 15 how the world will be structured in the coming decades. In 1944, 44 governments met for 22 days. Today, numerous competing groups are trying to seize the opportunity to shape tomorrow's world...
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