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The author reflects on global monetary policy and monetary order. It is emphasized that the four major currencies are the euro, the yen, the pound and U.S. dollar. The role of fiat monetary arrangements and the influence of prior U.S. political and monetary considerations on fiat money is discussed. The author explores the theory of monetary nationalism and it being the theoretical basis for global monetary arrangements. The author expands upon the role of the Bretton Woods system of monetary management that was utilized beginning in the mid-20th century, while emphasizing that the end of its use and the return to fiat currencies led to the first peace-time high-inflation episode in the U.S.

The article focuses on the economic aspects of the global fiat monetary system that has been prevalent since the early 1970s. The author explores the principles of the fiat system, including the ability of central banks and governments to increase spending when desired and its tendency to avoid financial constraint regarding deficit finance and the over-issue of currency. The author compares the monetary system to that of the mid-20th century monetary management system called the Bretton Woods system.

The article focuses on the importance of money reform, while exploring the economic and political aspects of fiat money. The author emphasizes that fiat money tends to lose it value over time and is not a reliable source of wealth. A brief history of the Bretton Woods system of monetary management is provided, along with former U.S. President Richard Nixon's decision to terminate the convertibility of the U.S. dollar in August of 1971 and the economic consequences that ensued. The author discusses the politicization of money and the vulnerability of fiat currencies being subject to political influence.