Currency crises are a major feature of the world economy we live in, and many governments face the challenge of defending their currency’s exchange-rate. A system of currency and money needs a standard of value to be stable, but no such system has existed since the end of the US Gold Standard in 1971. Professor Patrick Collins of Azabu University in Japan and his colleagues perform detailed simulations and argue that the Grondona system of conditional currency convertibility is the only practical method to stabilise currencies in our modern world.
