ABSTRACT
This chapter examines the opposite extreme to consider the options for basing the international monetary system entirely on the dollar, having examined the several options for eliminating entirely the international roles of the dollar. The United States placed the world on a virtually pure dollar standard by suspending the convertibility of the dollar into US reserve assets in August 1971. In 1968, the United Kingdom agreed to guarantee the dollar-value of all reserve sterling held by sterling area countries beyond 10 per cent of their total reserves. In any event, foreign acceptance of a dollar standard, which would be required for the Despres approach to work, could seemingly be more easily obtained without the actions on gold which are central to the Despres Plan. There have been other suggestions for crowning the dollar by way of demonetizing gold. The United States could deliberately sell off all of its gold.
