The Times (you know, that newspaper that disappeared behind a paywall a few months ago? What do you mean “if it’s not on the internet it doesn’t exist”?) has a hell of a buried lede in its piece today about Short Man Sarkozy’s elevation to the head of the G20. Nine paragraphs deep, on page eight, we find this:
According to senior French officials, the President will also use his turn in the G20 chair to start work on an international system to stabilize currencies and commodity prices, filling the vacuum left when the postwar Bretton Woods system collapsed in 1973. He believes that the world cannot continue without world monetary regulation. Senior officials said he will press the G20 to consider a new global reserve currency to replace the dollar.
Whether or not you think a new Bretton Woods is actually possible (and I don’t – it wouldn’t even last six hours before some aspiring George Soros decided to have a crack at whichever currency looked weakest), this is probably newsworthy.