Abstract

Globalism makes news every day, yet world trade is hardly greater today than 30 years ago; it is the movement of capital that is far greater now, thanks to technology. The irresistible force for one world is not the United Nations, ever an arena for the contest of national interests, but money, particularly the United States dollar, which is an unofficial world currency, often with more influence than U.S. foreign policy. One of the results of monetary globalism is to make national reserve and international banks all the more important. National central banks, like the United States Federal Reserve, make monetary policy. Together with international institutions like the World Bank and the International Monetary Fund, reserve banks have always been among the most important public institutions on the world stage, yet they are seldom examined as public institutions. All references to banks and bankers in these pages are to central and international banks unless otherwise stated.