Open Letter
80
years after its creation, the reform of the international payment system has
become urgent. The primary reason for this is the increasingly less acceptable
and sustainable dominance of the dollar.
The dollar was able to assume the key role of international settlement
currency in 1944 because it represented gold and was equivalent to it. However,
the United States unilaterally terminated this representation in 1971, and
since then the dollar has been backed not by gold, but by the printing press,
the world's largest public debt, and the interests of the United States.
The fundamental problem cannot be solved by exchanging the dollar for
another currency, but by returning to gold as the settlement "reserve
currency" for international payments.
Gold's ability to store value, stability, and objectivity make it ideal
for this role. The mechanism developed by the World Bank can ensure the smooth
use of gold.
It is worth noting that the well-known fluctuations in the price of gold
do not affect the outcome of trade transactions (if gold is more expensive, the
importer would have to buy less gold for the transaction, although at a higher
price).
The reform of the international payment system is inevitable. We expect
that this message will reach a wide range of governments, banks, media,
professional and civil organizations, decision-makers and experts, and will
start a positive process for international cooperation and peace.
April
23, 2025
Todor Simeonov
Changing World Engineering
* * *
