Currencies After the Crash: The Uncertain Future of the Global Paper-Based Currency System

FOREWORD

PAUL O'NEILL, FORMER U.S. SECRETARY OF THE TREASURY

The existing conventions and arrangements that form the framework for an ever more interconnected world economy are much like the tectonic plates in the earth’s crust, building up stresses and strains until the pressure is relieved by a catastrophic event or the creation of a new world order. It may not be possible for human beings to prevent earthquakes, volcanic eruptions, or other manifestations of movements in the earth’s crust, but since the rules that govern the world economic system are man-made, one would think that we should be able to act in anticipation of a potential crisis. We have had many recent warnings of the need for rethinking: the near meltdown to a barter economy ...