In the global financial crisis and the new crown epidemic，The method of response to the United States and Western countries is not governance and reform，Instead, it is a large -scale quantitative easing through difficulty，Let the global savings and consumers bear most of the price。Not only that，After the outbreak of the Russian and Ukraine conflict，The US Western countries want to abuse monetary finance hegemony，Understanding of unilateral financial sanctions，Savings wealth of other countries and citizens at will。This irresponsible abuse of power，Make the intellectual community of various countries discuss the necessity and possible plan of the reform of the international monetary system。 

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1971，The decouragement of dollars and gold created a "post -Bretton Forest System" era。The international monetary system since then can summarize the two basic characteristics: first, the sovereign government bonds of a few countries, especially the United States, are used as the global core reserves assets; the other is that the value of currencies in various countries has no gold or silver hard anchor，Unable to pay，Therefore, the exchange rate of currencies of various countries floats with each other。These two basic features，Four phenomena bet365 Play online games are created between the center of the world market system and the periphery: first, the huge ex -source risks of peripheral countries are facing economic turbulence; second, the foreign exchange reserves of peripheral countries continue to expand and lose welfare losses; The accumulation and fiscal deficit of the United States; the fourth is the US trade deficit and de -industrialization。U.S. sovereign currency as the main international currency，Using U.S. Treasury as a global core reserve asset，This means，and those economies that are inconsistent with the US economic structure and operating cycle are very harmful。Raise interest rates every time，There are always some countries with severe stocks and financial crisis，The root cause lies in this。Former US Minister Connelli said a famous saying，"The dollar is our currency，But it's your problem "。

To cope with this systemic risk，​​Developing countries have to accumulate huge foreign exchange reserves，thus suffer huge hidden welfare loss。The comprehensive price of holding foreign exchange reserves is extremely expensive，interest income generated by foreign reserves，far lower than the financing cost of peripheral countries in the international financial market。This monetary system gives the United States an excellent privilege，The US federal government can continuously roll and expand its size of their Treasury without having to worry about debt collapse as normal countries，It can be allowed to make huge financial Bet365 lotto review bubbles in domestic and abroad to make a profit。But looking at it for a long time，All privileges have their own price，currency hegemony is no exception。countries in the peripheral country have to accumulate huge US Treasury bonds as their foreign exchange reserves，It will inevitably mean that the US trade deficit and fiscal deficit intensify，It means that financial overwhelming industry in the US economic structure，It means the slow but lasting industrialization trend of the United States，Eventually, the 30 years of loss of white Blue -collar class in the United States and differentiation of rich and poor in the United States、Social polarization and political division。 

　Disadvantages of the international monetary system 

It is necessary to understand how the international currency system evolved into this way，Debate and competition between the two major world economic governance programs of Kanes and White in the 1940s。After experiencing the tragic consumption of the two world wars，The British empire represented by Keynes has no strength to bargain with the United States，Therefore, the Bretton Forest System after the war was finally constructed by the White plan as the main body。Due to the inherent defects of the White plan (Trifen Paradox)，This system has only maintained a crisis for more than 20 years and faced with the collapse of the collapse。1971 President Nixon "temporarily" closed the golden window，and one level is more than half a century。This is bet365 live casino games essentially the United States' institutional hard violation of the world's unilateral institutional violations，But the political and secure European and Japan, which is the US Empire, do not have enough political capital to play with it，The majority of developing countries lack sufficient professional knowledge to understand what this means。Therefore，Today's currency system does not have the legitimacy of international law。

Not only that，In recent years, the United States is seeking further soft contract。The main output party of the United States as the global currency，It is necessary to bear the huge deficit of capital and frequent items，Otherwise, other countries cannot obtain US dollars。Therefore，China actively promotes global economic governance to develop towards a more fair and reasonable direction，Reform the current monetary system。Under the conditions of the market economy，A corresponding mapping relationship between actual economic activities and currency finance，The former is subject to the latter; the physical product and service production will be faster，The growth of its wealth is not as fast as printing money。Continue to stay in the US dollar system，Then China's competitors are not 320 million people in the United States，but 8 billion people around the world, including China's own 1.4 billion people。Only the "excess privileges" that mobilize the US dollar system to use the US dollar system to abolish，Only China and the United States can start fair bet365 Play online games competition，and the key point is to reform the current international currency system。 

The reform path of the international monetary system 

International Monetary System Reform，To a certain extent, it is actually a big idea to return to Kanes，Establish an international reserve currency (Ban Ke) and its distribution agency World Central Bank，Let it serve global instead of serving individual countries。Of course，New pattern and new technical conditions based on international political and economic，Today we can appropriate and necessary improvements to the Kanes solution。

First，The global currency system should return to the hard anchor。Regardless of this international currency is called a special withdrawal right or Ban Ke，Still referred to as "BRICS" or "Metal Coin"，Its purchasing power should anchor the weighted average price of a basket of goods。Subsequent，Standardize a basket of goods、Exponentity of its price and guarantee the redemption of their bills，This international currency can accurately show the technical progress and consumer activities of the real economy。Use digital technology to empower，It can regulate and statistical real economy activities more accurately，It can also help countries reduce tax collection costs more effectively。More importantly，It can help the world currency system regain "hard anchor"，Re -establish fiscal restraint for the United States and Western countries。

Second，Compared to the historical golden position and the current US dollar bet365 live casino games system，The new currency system may better respond to the demand of currency in the real economy。Common defects of the Golden Specification and the US dollar system，The new supply of basic currencies in the world has nothing to do with the needs of the world's real economy。The basic currency for the basic currency under the golden standard system is only related to the gold mining volume of the year，The supply of basic currencies under the US dollar system is mainly related to the financial demand of the United States and Europe itself。The new design mentioned above can ensure that the currency supply is really closely linked to the demand of the world's real economy。

Last，The coinage tax should be shared globally instead of the United States exclusively。Basic currency circulation must be expanded for a long time with global technological progress and economic activities，The expansion method is to buy national bonds or policy financial bonds from the newly established central bank of the world，and return interest income to the Ministry of Finance from various countries。The World Central Bank buys more national bonds or policy financial bonds for one country every year，No interest，This is actually a sharing mechanism for the coinage tax，Similar to some units of public cafeterias to give units to units to divide red hair benefits every year, it is a reason，Take it to the people to return to the people。

　　(Author Unit: School of International Relations of Renmin University of China)