We took a big step forward down the path of acceptance today. I suspect, though, the price will have to go much higher than $1650 or $2000 before the politicians trapped within the hubris of a dying system acquiesce to market forces.
Writing in the Financial Times, World Bank President Robert Zoellick called for a new monetary system to replace the floating rates adopted in 1971 known as Bretton Woods II.
Source: reuters.com
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