New Greek bailout just postpones inevitable 'restructuring'

As we have argued in Chapter 3 of BRAVE NEW WORLD ECONOMY, without a total restructuring of the euro in combination with the reform of the international monetary system, the on-going effort behind
the scenes by Brussels and the European Central Bank to throw billions more euros at Greece after the initial 110 billion euros failed to work just postpones the inevitable declaration of insolvency, otherwise known as 'restructuring.' Greece might well do better with its own currency and monetary policy to pull itself out of the deep hole it is in, but Brussels and the European Central Bank will not let it consider this option. Restructuring will come, but at a much higher price than if the situation was faced transparently today. 

Davos Interview with Wilhelm Hankel

Interview with Robert Isaak on "Brave New World"

World Bank President advocates global gold standard adoption

On Nov. 7th, President of the World Bank, Robert Zoellick, suggested that leading economies should return to the gold standard. (Financial Times) This is not a great idea. Not only would the deflationary trend be aggravated, but the world monetary system would be derailed from an extension of the Special Drawing Rights system of the IMF as a solution,which Keynes suggested in 1944 (see Chapter V of  forthcoming book, Brave New World Economy). -- R.A.I.