The Monetary Power Vacuum

  • Paul Einzig


In an old-world village a yokel was asked by a visitor to tell him who was the oldest inhabitant. ‘He died last week and now we ’aint got one,’ was the unexpected reply. Silly as this answer may sound, it happens to represent exactly the present position in the international monetary sphere. If anyone asked me which currency is best suited to serve as the reserve currency I would have to answer in terms similar to those used by the simple-minded villager: ‘The dollar is no longer suitable and now we haven’t got a currency which would be suitable to take its place.’


Central Bank Strong Currency Reserve Currency Swiss Franc European Currency 
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Copyright information

© Paul Einzig 1972

Authors and Affiliations

  • Paul Einzig
    • 1
  1. 1.LondonUK

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