ABSTRACT
I address you as a reformed international monetary reformer. I recognize that considerable dissatisfaction exists concerning present international monetary arrangements, especially the exchange-rate regime. I am aware that a desire for reform is sitting in the breasts of numerous economists and of the officials of some countries. I am not going to defend the current system by reminding you what Churchill said about democracy. That is not my punchline. It will come along in due course. Let me start with a few words about the relevance of international monetary arrangements to the principal ills troubling the world economy today. What are those ills?
