1944年7月召开的布雷顿森林会议，英国提出了“凯恩斯计划”，美国提出了“怀特计划”。众所周知的“布雷顿森林体系”，就是以“怀特计划”为基础制定出来的。此次在伦敦召开的国际金融峰会，也给了中国一个提出自己独立计划的历史机遇。为此，笔者依1994年提出的“货币二重化”理论(the Theory of Money Two-levellization)和“金价平价论”(the Theory of Gold Price Parity)拟就了这份“余元洲计划”，请我国政府予以采纳并提交该峰会。
A Draft Treaty On International Monetary Cooperation
(Drafted by Yu Yuanzhou)
Article 1. The goal and purpose of this treaty is, by way of close cooperation, to create a new type (of) international monetary system, to safeguard the members’ monetary stability and financial security, to root out foreign exchange exposures and, particularly, to avoid globalizing (of) any domestic financial and/or economical crisis, thus benefiting the world people.
第二条 为达致上述目的和宗旨，兹决定设立“国际货币合作基金”，组建“国际货币合作组织”，并发行“货币兑换中介单位”（称“有眉目”）。嗣后，“国际货币合作组织”作为“货币兑换中介单位”（“有眉目”）的发行者和最后贷款人，可称为“货币兑换中介银行”或“有眉目银行”, 总部设于美国纽约。
Article 2. In order to achieve the goal and fulfill the purpose set above, we, delegates of countries and regions of the world, hereby adopt the idea of establishing a fund called “International Monetary Cooperation Fund”(IMCF), founding an organization called “International Monetary Cooperation Organization”(IMCO), and issuing a means of money exchange among the members as money exchange certificates called “the Units of Money Exchange Medium”(UMEM). The International Monetary Cooperation Organization (IMCO), being the issuer of UMEMs and the lender as last resort, can thus be called the Money Exchange Medium Bank (MEMB), or the Bank of UMEMs, with its headquarters located in New York City, USA.
Article 3. The IMCF is to be made up of obligated shares and voluntary shares.
The obligated shares are to be paid into the IMCF account by all members, with each member obligated to pay one ton of standard gold.
The voluntary shares are to be paid into the account by those members that choose, and are willing, to pay at least one ton more of standard gold, in addition to the obligated one ton, with no ceiling set as limitation.
The voluntary shares can be readjusted every 5 years. A member can only increase his shares or keep unchanged, but cannot reduce the holding. A member that has taken no part in voluntary shares before can now take the opportunity to be a voluntary shares holder.
Members transferring their holdings of voluntary shares to one another by mutual agreement shall have complete freedom as concerned with time, number, etc.
监事会由所有各成员的财政部门派员组成。每个监事均有一平等投票权。监事会 由各监事互选产生。监事会以过半数票通过决议，得罢免监事会 并重新选举；以三分之二多数票通过决议，得弹劾理事会任何成员。
Article 4. The IMCO shall have a board of directors as its decision-making organ, a board of executors as its executive organ, a board of supervisors as its supervising organ.
The board of directors comprises deputies from IMCO members with voluntary shares, one from each member’s monetary and/or financial ministry or department. The directors’ votes or voting rights are linked to the voluntary shares they hold: one vote for one share. The president of the board is elected by and from among the directors themselves.
The board of executors comprises 11 people. The chief executor is appointed by the board of directors, the others are nominated by the chief executor and approved by the board of directors. The managers at intermediate level are nominated by the chief executor and appointed by the board of executors after discussion. The staff of IMCO shall be employed and managed by the personnel department of IMCO according to general rules.
The board of supervisors comprises deputies from all IMCO members, one from each member’s fiscal ministry or department, equally with one vote. The chairman of the board is elected by and from among the supervisors themselves. By over half majority, the board of supervisors can recall the chairman and reelect a new one. By two-thirds majority, the board can impeach any executors.
Article 5. The IMCO, serving as MEMB, is entitled to issue UMEMs, and is then in charge of all affairs related.
1 UMEM has a fixed value equal to 1 gram of gold.
The exchange rate between UMEMs and the domestic currencies of all IMCO’s members is determined according to the purchasing power of gold of each member’s domestic currency respectively, i.e., according to the specific gold price in term of each member’s domestic currency respectively. With 1 UMEM being permanently equal to 1 gram of gold, at any time and place or during any period of time at a certain place, the same amount of a member’s domestic currency with which to buy 1 gram of gold can be exchanged for 1 UMEM. Those members who have no gold markets, or there are no gold prices tagged in whose domestic currencies, can work out standard gold prices in term of their domestic currencies through golden jewelry prices respectively.
Article 6. The IMCO members have committed themselves to obligate, by domestic legislation, all natural and legal persons on their lands to pay and accept UMEMs for trans-territory transactions within all their territories as valid means of payment, means of clearing and reserve assets, which can be freely converted into their domestic currencies respectively, each UMEM equalling one gram of gold.
UMEM holders can deposit and draw their money in UMEM or domestic currencies at certain interest rate at any banks and/ or other financial institutions.
No using UMEMs for domestic transactions.
No using currencies other than UMEMs for trans-territory transactions within the territories of all IMCO members.
Article 7. In order to meet the needs of UMEMs by banks and other financial institutions on her land, an IMCO member can obtain UMEMs either by way of exchange for them at MEMB with gold at the rate of 1 ton gold to 1 million UMEMs, or by way of borrowing money in UMEMs at base rate of interest set by the board of executors.
In order to pay for their trans-territory transactions, the natural and legal persons within territories of all IMCO members can directly obtain UMEMs either by way of exchange for them at local banks and/or other financial institutions with domestic currencies at the rate determined by method stipulated in Section 3 of Article 5 of this treaty or borrowing from these banks and/or other financial institutions at the rate of interest thereof, or by way of exporting, or through any other proper channels.
Article 8. When and how UMEMs can be used in due course outside the territories of IMCO members is to be decided by the board of executors, which is then in charge of all affairs related.
Article 9. The profit of MEMB, i.e., net income after all expenses, is to be divided into two parts: half of it is to be distributed to all voluntary share holders according to their holding respectively; the other half is to be transferred to the United Nations, as a part of its fiscal revenue.
Article 10. The draft of this treaty should be signed by delegates of all the would-be members, including sovereign states and regions and, afterwards, it is to be ratified by the legislatures of all that have signed the draft.
Once 33 sovereign states, including China, Japan, the United states, the United Kindom, France, Germany, Italy, Canada, Russia, India and Australia, have ratified the draft treaty and sent their certificates of ratification to the Secretariat of the United Nations, this treaty will take effect right away. Those who have signed the draft but not ratified it can then decide as to whether or not to withdraw from the treaty within a year. After that point of time, those who have not declared their withdrawal become IMCO’s formal members naturally and automatically. From then on, any members who want to withdraw from IMCO must apply for it to the organization, and can realize their plan only when both of the board of directors and the board of supervisors have approved it by majority over half.
Other countries that want to join this treaty must apply for it to the organization, and can realize their plan only when both of the board of directors and the board of supervisors have approved it by two-thirds majority. Those who have withdrawed from the treaty and want to rejoin it must go through the same procedure as those who apply for it for the first time.
Article 11. After this treaty takes effect, the board of executors can draft and put forward a set of concrete rules or regulations for carrying it out. These rules or regulations can be put into practice when approved by both of the board of directors and the board of supervisors with two-thirds majority.
The procedure of amending or revising this treaty is just the same as it is originally made.
The right to explain this treaty is to be exercised by the board of supervisors. The original bilingual versions of this treaty, in Chinese and English language, shall have the same effect.
Article 12. The fouding of this organization shall not affect the existence of the IMF, which can go on playing its roles within its ability. If the IMF makes a decision to stop existing, that’s all right. （2008.10.26）
(About the author: Yu Yuanzhou, male, Henanese, a Bachelor of Arts, Master of Economics, Doctor of Law and once a post-doctoral research worker majoring in IMF study, now a Prof. at Jianghan Univ.; Wuhan, P. R. China, Postal Code 430056; Email Adress: email@example.com)
(An Exposition In English)
Part One （第一部分）
Here is a brief introduction to my Theory of Money Two-levellization, which could be used for international monetary reform.
What is “money dualization”(or Money Two-levellization)? It is a monetary system in which two sorts of currencies work together coordinately and cooperatively at different levels: the upper money ( or top currency ) circulates in a large region or trans-small-regions, while a lower money ( or base currency ) circulates only within each small region.
The necessity and dynamics of “Money Two-levellization” (Money Dualization or Dual Monetization) originates from the contradictions of money itself. The first contradiction is that on one hand , money, when used as the measure of value, the standard of price, the means of circulation or exchange, the means of payment and saving, is required to keep its value as stable as possible; on the other hand, the monetary policy of a government has taken upon itself the task of adjusting and re-adjusting the periodical economic circles, thus requiring free and easy change (increase and decrease ) in money supply, which in turn necessarily leads to un-stability of the value of money. This produces a dilemma for us: when we aim at keeping money's value stable, we cannot fulfill the function of adjusting and readjusting economy; if we strive to adjust and readjust the economy, we cannot keep the stability of money's value at all. Evidently, to keep money's value stable and to adjust (readjust) economy are two contradictious demands (contradictious in roles or functions) , which cannot be met simultaneously. That is not all, however, as far as monetary zone is concerned, there is another contradiction to be noticed: on one hand, when money performs its function of measuring value, and serving as the means of exchange, the means of payment etc., we find monetary zone the larger the better, even to the extent of unifying the whole globe as one single monetary zone; on the other hand, monetary policy as the means of adjusting and readjusting the economy surely requires monetary zone to be much smaller, even to the extent of including only one big city and the countryside surrounding it, within which the economic circles or periods are inherently uniform and undivided.
The theory of “money two-levellization” has just come out to resolve these contradictions, for the Two-levellized monetary system can surely dissolve both the dilemmas mentioned above: The upper money can keep its value as stable as possible, and expand its monetary zone as large as possible,while at the same time, the lower moneys can be used to perform the function of adjusting and readjusting business circles and have their monetary zones much smaller, or at least, the pattern of “one country, one money” can stay untouched.
The scientific basis for “money two-levellization” is the fact that there are two sorts of paper money in history and reality: one is the value symbol of gold, with which it is directly linked up and thus has its own value identically fixed and constantly stable; the other is credit money which is directly linked (with no gold as the medium in between) to the commodities and services in circulation, i.e. depending upon how much social wealth a certain amount of money represents. The former can be called “traditional paper money” or “traditional legal tender”, while the latter is to be entitled “modern paper money” or “contemporary legal tender”.
Therefore, by “money two-levellization”, we mean nothing but taking traditional legal tender as upper money and the modern one as lower money. Thus we've got the foundation upon which to exchange upper money for a lower one, that is, according to the price of gold tagged ( priced ) in lower currency at a certain time (or during a certain peiod of time) and a certain market of gold.
For example, if we have predefined that one unit of upper money (say, the Units of Moneys Exchange Media, UMEM for short) identically equals one gram of gold, and now have got the information that one unit of certain lower money can buy 0.5 gram of gold at a certain gold market for the time being, we then clearly know that the rate of exchange is:
1 unit of upper money ( 1 UMEM ) = 2 units of the lower money
There might be several concrete models for applying the theory of “money two-levellization”. It can be used to reform the unreasonable international monetary system, it can also be used to realize the dream of regional monetary unity, especially for Asia.
Part Two （第二部分）
The feasibility of this newly designed international monetary system lies in the guarantee mechanism of Money Two-levellization (or money dualization), by which I mean two sorts of currencies coordinately (in coordinative relationship with each other) working at two different levels: that at the higher level is called upper money; that at the bottom is lower money. The former is designed to be traditional money, i.e., a kind of currency linking up with (or fixed to) gold, thus having fixed value. In contrast to it, the latter is designed to be modern currency, i.e. one directly linked with commodities and services in circulation without gold in between, thus having no stable value. The exchange rate of the two is determined according to the Theory of Gold Prices Parity, i.e. according to the prices of gold tagged in lower currencies at certain time and certain gold markets, which might be changing over time, though the value of upper money (UMEM) itself never changes. If there is no gold market in a country, we can work it out from the prices of “golden jewelries” (rings and necklaces etc.) on sale in local markets.
So, the “Two-levellization” of international monetary system is targeted at keeping UMEM’ value stable and meanwhile letting the value of lower currencies (i.e. the domestic currencies all over the world) fluctuate freely.
Such a new monetary system can surely avoid the fate of collapse, which the old Bretton Woods System failed to escape in 1970s (in that event, many countries except the United States suffered a lot). The reason is that under the old Bretton Woods System, there were only one kind of single-level currencies. The US dollars is just the same as other domestic currencies. Suppose the United States had got a Two-levellized monetary system and had issued two sorts of currencies: one was golden dollars as upper money and had fixed value, the other was degoldenized ordinary dollars with value fluctuating freely, then the Bretton Woods System would have never collapsed!
Similarly, under the system of Money Two-levellization (money dualization), so long as the upper money (UMEM) has fixed value while the lower moneys’ value fluctuate freely and, owing to the principle that banks shall pay interest to “UMEM saving” but pay no interest to “gold saving” at all, people who possess the UMEM can get more out of real interest income than they can benefit from keeping gold (i.e. from getting the income of premium or the “margin” by buying and selling gold over a period of time), then, there will be no pressure for the UMEM’ value to go down, because, the UMEM holders are not so silly as to cry for gold in such circumstances! Even if something goes wrong, it can only pressure the lower currencies into devaluation, but not the upper one. That’s to say, it can only change the exchange rate between upper money and lower monies, but can never change the fixed rate between upper money and gold. Additionally, because the upper money (the UMEM) serves as intermediate link between all lower moneys, it naturally takes the value of all lower moneys (and ultimately the value of all commodities and services in circulation) as solid basis of its own value. That’s why those who hold that the UMEM has no basis of value are completely wrong. Therefore, we can responsibly say that the UMEM will never devaluate and the Two-levellized monetary system will never collapse. This explains how the self-maintaining mechanism of Money Two-levellization will work and guarantee the success of our monetary reform.
Part Three （第三部分）
What’s the use of Money Two-levellization in dealing with the present international financial crisis, one may ask?
The answer is that up to now we know only one kind of monetary systems, that is single-level monetary system.
Under such monetary system, there will be no currency that can really keep its value stable and be used as a means to adjust or readjust the business circles effectively at the same time.
Under such monetary system, our Global Community cannot have its own currency as international common currency that never devaluates.
Under such monetary system, once the US economy goes wrong, the whole world has to pay for it.
However, once we create a Two-levellized international monetary system, UMEM can take the place of US Dollars and can perform its functions of international money much better.
Then, if a country’s economy goes wrong, largely speaking only this country itself has to pay for it, none of the business of other countries! Or, at least we can say, other countries will be much less troubled! In other words, the crisis we’re now facing can at least be much lessened!
For, after all, 205 countries and regions of the world with a population of more than 6 billions are not producing just for the Americans to consume and get back nothing but the US Dollars!
Suppose, we, most peoples of the world, having created a common international currency such as UMEMs, can consume most of what we have produced, by ourselves!
Then, even if the American people buy nothing of the goods from us, we can buy them out with UMEMs as upper money and our domestic monies as lower currencies.
Then, how can there be a worldwide crisis when Uncle Sam catches cold due to a little carelessness ?!
Now, remember, under two-levellized monetary system, though people cannot exchange their holdings of the upper money (UMEMs) for gold as they like, they can certainly exchange their holdings of upper money (UMEMs) for any lower monies such as US Dollars, Euros, Japanese Yens, and RMBs also, acording to the theory of Gold Prices Parity. That’s to say, one can at any time and any place freely exchange one unit of UMEM for any lower monies equaling the value of 1 gram of gold, if we really set “1 UMEM =1 gram of gold”at the very start of our reform.
1）英文简介：How to reform the United Nations in reght direction?（第23—33页）
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