Conway: Abandoning the gold standard was a seminal moment, and one we're now all paying for

Roll out the bunting. Tomorrow is the 40th anniversary of the modern global economy.

• Let's start with first principles: for as long as anyone can remember, politicians have sought to spend more than they can afford. 
• diminishing faith in the ability of fiat currencies to maintain their value.
• Unfortunately, currency debasement is a competitive sort of thing, as countries vie to reduce the value of their money (and hence their debt). [ what Krugman advocates ]