Wriston, Walter B.
The development of the global market I have sketched was occurring contemporaneously with a sea change in the world's monetary system. For the first time in history, no major currency is tied directly to a commodity like gold or silver. In 1911, long before the advent of information technology, Irving Fisher opined that "irredeemable paper money has almost invariably proved a curse to the country employing it"  . He certainly had history on his side. The advent of the Gold Standard and the Gold Exchange Standard furnished for a time a discipline on the creation of money, but now with the uncoupling of money from any commodity, those old arrangements have been replaced by an even more draconian device which I call the Information Standard. This new discipline is being administered by a completely new system of international finance.
 Fisher, I. (1911) The Purchasing Power of Money. New York: Macmillan: 131
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|Dumb Networks and Smart Capital by Walter B. Wriston for The Cato Journal: A Interdisciplinary Journal of Public Policy Analysis|
Dumb Networks and Smart Capital by Walter B. Wriston for The Cato Journal: A Interdisciplinary Journal of Public Policy Analysis
The Advent of a Network Economy
Globalization in the Foreign-Exchange Market
The Marriage of Computers and Telecommunications
Emergence of the Eurodollar Market
The Network Economy: A Complex Adaptive System
The Possibily of Systemic Failure
A Sea Change in the Global Monetary System
The Information Standard
Eroding the Power of the State