In the postwar era, the dollar would be anchored to gold, and other currencies would be anchored to the dollar: No more fluctuating money, ergo no competitive devaluation.

• 重创全球金融市场的信贷泡沫部分源于现行货币制度的双轨状态：一些国家允许货币自由浮动，另一些国家把本币与美元松散地挂钩在一起。