An Interest-free International currency needed for international trade

International currency for international trade. After prolonged and bitter debate, the international agreement at Bretton Woods in 1944 was to use the USA dollar backed by gold as the international currency, but this has given an unfair advantage to USA ever since. If people in a mutual credit scheme like a LETS scheme or a trade Barter Company can trade with each other without interest being paid, so can nations. We would argue for an international currency with a clearing facility so we would promote an International Clearing Union with export credit accounts for trading among member nations. In the banking crises of 1998 the Malaysian president brought in a policy to stop their currency from being used outside their country. If it came to Malaysia from the outside it was deemed worthless. This was a recognition of the principle of managed borders. Its economy as a result did not collapse to the extent that Indonesia’s and Thailand’s did and the IMF ended up noticing this. The most powerful international currency we could use would be one invented by economist Richard Douthwaite of Ireland.

Leave a Reply