Convertibility Quotes

National autonomy in economic matters should not be an obstacle to a free world economic system. But to achieve free convertibility within the European Payments Union only would lead to further upheavals. The dollar and the pound sterling should be included in any such step, if a new single world market was to be created. A free political order implied a free economic order; this would stand foremost amongst the preoccupations of the new Bundestag. (Ludwig Erhard)
It was in 1926 that John Maynard Keynes wrote his now famous essay "The End of Laissez-Faire." Since then, history has evolved through the Great Depression, "hot" and cold wars, the establishment of the Bretton woods regime, suspension of convertibility of the US dollar into gold, oil shocks, and the information and telecommunications revolution. The situation at the end of the 20th century seems to be quite similar to that of the late 1920s, having come full circle. View quote
Eisuke Sakakibara