Here is an interesting discussion between Congressman Ron Paul and Paul Volcker in which Dr. Paul starts by describing the blow-up of the global fiat credit bubble; he later inquires to former Federal Reserve Chairman Paul Volcker’s ideas on the reform of the international monetary system.

Among his concerns were:

• the creation of supra-national powers for international financial institutions
• moving away from the free market
• international negotiations for the replacement of the dollar system

It is interesting, that during this discussion the idea of the IMF having an increased role in the world economy was brushed off; while in recent days there is new talk of the world returning to a new standard of IMF-issued SDR’s.