Thinking About The Change Of The International Monetary System, From The Financial Crisis

a sub-prime mortgage crisis sweeping the United States in 2007, and in September 2008 into a global financial crisis, Wall Street as a world financial center in the crisis losses. In the current financial crisis, personal credit, corporate credit, and even national credit are facing the serious consequences of bankruptcy. The face of financial crisis causes disorder in the financial markets, speculation, almost uncontrollable level, the financial instruments are deliberately created and used, weak financial regulation and a mere formality, but the international monetary system is the inherent defects lead to financial crisis. International monetary system beginning from the establishment of the inherent contradiction, the gold standard period of relatively stable because the gold and silver is real and intrinsic value of money, honest money system adapted to the economic development. But from the beginning until the Bretton Woods system of international monetary system is the modern credit money system, and the sovereign can not solve the currency as an international reserve currency, "Triffin problem." Therefore, the major reform of the international monetary system is to change the international reserve currency, long-term goal is an international reserve currency diversification, regional direction, the ultimate goal is to replace the non-sovereign currency sovereign currency. Changes in the international monetary system is imperative, but to consider a number of objective factors, so changes in the international monetary system must go through long and tortuous process of gradual evolution.