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“If you look back in history from 1971 back several hundreds of years, even millennia, you will see that almost all the time except during world wars, the international monetary system has an anchor. And the reason that matters is because an anchor restricts the ability to create liquidity in the system and restricts the ability to create debt,” he said. Citing the biography of former Federal Reserve Chair Paul Volcker, Watling said that lack of anchor was an accident of history but one that authorities couldn’t repair...

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