As the world floats

The world's monetary system is badly in need of overhaul. It's time to reconsider fixed exchange rates. Desautels Faculty of Management Professor Reuven Brenner: "In his address to the Foreign Policy Association on Nov. 19, Mark Carney, governor of the Bank of Canada, stated that even governments' and central banks' heavy interventions may not ensure sustainable growth, and that: "We must consider whether to reform the basic framework that underpins global commerce: the international monetary system." He is sure right about that..."

Financial Post, November 24, 2009