Odaily Planet Daily reports: Former Vice President of the Bank of China, Wang Yongli, authored an article titled “Where Does the Massive Increase in Money Supply Come From?” which points out that modern currency has completely transitioned from metal-backed paper money to a system no longer anchored to any specific tradable wealth asset. Both monetary theory and practice have fully demonstrated that anchoring to any specific wealth will inevitably cause the total money supply to be unable to keep pace with changes in the total value of tradable assets. This can lead to severe constraints or hindrances on exchange transactions and economic and social development due to money shortages. Therefore, returning to the gold standard or seeking new anchors for currency (such as cryptocurrencies like Bitcoin, rare earths, energy, etc.) is a misunderstanding of the nature and developmental laws of money.
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