I think the project of our moment is to provide tools by which we get to bancor world without bancor/icu. We don't have enough mutual trust to let supernational technocrats enforce balance. 1/

But deficit countries typically want balance. If they have nondestructive unilateral tools to help enforce it, we can end up with a world quite close to bancor world (with some limited imbalance, in the exceptional cases where it makes sense). 2/

I disagree that imbalance is a feature not a bug. Some limited time, limited scope imbalance, for particular purposes, sure. But perpetual, unmanaged imbalance is a horseman of the apocalypse, in my view. We are where we are as a world because we abandonned Bretton Woods' near Bancor-world. /fin