The world is breaking up into national currency blocks, with the result that "no-one is looking out for the global public good", according to Andrew Sheng, a former chairman of the Securities and Futures Commission in Hong Kong.
Writing in the forthcoming edition of Central Banking journal, Sheng identifies a "fundamental flaw" in the current international monetary system: that credit is now created globally, while solvency is resolved nationally.
In the wake of the financial crisis, the Federal
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