In the aftermath of the efforts to re-establish the gold standard, after the first quantitative paper money destructive expansion during the First World War, the legal tender was the only alternative to a commodity intrinsic value currency. After the
second world war, the White plan brought the gold exchange standard, on which basis most of the Western industrial machine and cities were rebuilt, after the war disaster The present financial crisis starts with the gold repudiation announced by President
Nixon on the fifteenth August 1971, which has triggered a chain of progressive unresolved continual monetary turbulences mostly linked to the legal tender of paper money uncontrolled expansion.
In the long run we are all dead, used to say Sir. John Maynard Keynes1, but he was not foreseeing such a growing sovereign debt burden, as the modern one.“This long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons”2 (Keynes, 1923)
The economic and political integration on the agenda, must face the inherited monetary asymmetries in a new perspective, not being applicable any fiscal or monetary policy, or general rescue plan on a global basis, as long the welfare social costs asymmetries, the role, duties, responsibilities and costs of all the public frameworks as indirect costs affecting the industrial and services production and consumption, are not clearly defined, understood and addressed.
