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Message: Bretton Woods-2 ,,,new gold standard

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Bretton Woods-2 ,,,new gold standard

posted on Oct 19, 08 10:15AM

Oct. 19 (Bloomberg) -- European Central Bank council memberEwald Nowotny said a ``tri-polar'' global currency system is developing between Asia, Europe and the U.S. and that he's skeptical the U.S. dollar's centrality can be revived.

``What I see is a system where we have more centers of gravity'' Nowotny said today in an interview with Austrian state broadcaster ORF-TV. ``I see for the future a tri-polar development, and I don't think that there will be fixed exchangerates between these poles.''

Sarkozy wants the G8 to consider re-anchoring their currencies, the hallmark of the 1944 Bretton Woods agreement that also gave birth to the International Monetary Fund and World Bank.

How does one re-anchor a currency,,,,I say with gold

http://www.bloomberg.com/apps/news?p...

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