Special Edition: De-Dollarisation and the New Monetary Order
Multipolarity
The Importance of Notional Currency Units
Keynes designed the IMF. You need a single currency unit. Now, this is a kind of a notional currency unit. So what the bank or does basically is that you accumulate. And if I run a $20 deficit with you, then essentially in ordinary circumstances, I would have to transfer that kind of $20. But in Keynesa system, both of those would go down on the balance sheet at the same time.
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