“But a modern alternative is possible, one that would provide a good standard independent of state pardoners. This idea occurred to me comparatively recently. But the possibilities with regard to actually establishing a norm of money systems which could qualify as of "ideal" type are dependent on the political circumstances of the world. If the world had in fact become a single empire with a central government for the whole world then what is now international trade, with shipping on the oceans through areas considered to be the property of no state, would be replaced by the equivalent of domestic commerce within the USA. And this would profoundly modify the circumstances relevant to the establishing of "good" or "bad" systems of money. What I have to suggest is not viewed as appropriate for the world empire context.”