面对国际金融危机，请看我的解决办法！（余元洲）

国际货币合作条约草案
（亚欧合作版）
A Draft Treaty On International Monetary Cooperation
(Drafted by Yu Yuanzhou)
余元洲 草拟
第一条 本条约的目的和宗旨是，通过紧密合作建立新型国际货币体系，以确保各成员的货币稳定和金融安全，根本消除外汇风险，避免局部金融危机和（或）经济危机全球化，造福于世界人民。
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”, 总部设于上海浦东。
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 District of Pudong, Shanghai City.
第三条 国际货币合作基金由义务缴款和自愿缴款两部分构成。
义务缴款由所有成员方缴纳，每个成员限缴一吨黄金。
自愿缴款由各成员自愿认缴，以一吨黄金为起点，多缴不限。
自愿认缴额每五年可调整一次，但只能调增或保持不变，而不能调减。此前未参加自愿缴款的成员，可借调整之机成为自愿缴款者。
各成员之间以协议方式相互转让自愿认缴额，不受时间、数额等任何限制。
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.
第四条 国际货币合作组织得设董事会、理事会和监事会为其治理机构。
董事会是决策机关，由所有自愿缴款成员的货币金融主管部门派员组成，各董事的投票权与自愿缴款额挂钩，每吨黄金一个投票权。董事长由各董事互选产生。
理事会是董事会的执行机关和货币金融业务的管理机关，由11人组成。理事长由董事会决定聘任；理事会其他成员由理事长提名，经董事会批准任命；中层管理人员由理事长提名，经理事会讨论后决定任用；其他工作人员由人事部门按照层级管理的通则任用。
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。监事会主席由各监事互选产生。监事会以过半数票通过决议，得罢免监事会主席并重新选举；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.
第五条 国际货币合作组织作为“货币兑换中介银行”发行并管理“货币兑换中介单位”（“有眉目”）及相关业务。
每个“货币兑换中介单位”（“有眉目”）定值为1克金。
“货币兑换中介单位”（“有眉目”）与各成员之本币的兑换关系，取决于各成员本币对黄金的购买力，即以各成员本币标示的黄金价格。在每个“货币兑换中介单位”恒等于1克金的情况下，任一特定时点或时段黄金市场上1克金价值多少某成员本币，这一数量的该成员本币即可兑换1个“货币兑换中介单位”。没有黄金市场（或虽有黄金市场但没有以其本币标示黄金价格）的成员，得以其黄金饰品的价格折算出标准金价。
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.
第六条 各成员承诺自行立法要求本国、本地区法人和自然人在本组织成员的地域范围内接受和使用“货币兑换中介单位”（“有眉目”）作为跨国、跨地区交往（跨境交易）的有效支付手段、结算手段和储藏手段，并保证每1货币兑换中介单位（有眉目）任何时候都能自由地兑换为价值1克金的当地货币。
“货币兑换中介单位”持有人可在任何银行或非银行金融机构办理“有眉目”的存贷款业务，按规定计息。
禁止在各成员境内交易中使用“有眉目”。
禁止各成员间的跨境交易使用任一成员的本币或非成员国货币。
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 cleaning 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.
第七条 各成员为满足境内银行和非银行金融机构对“货币兑换中介单位”的需要，可按每吨黄金兑换一百万“有眉目”的比率用黄金从“货币兑换中介银行”兑取，或者，可按理事会所决定的基准利率向“货币兑换中介银行”申请“有眉目”贷款。
各成员境内的法人和自然人，为满足其跨境交易对“有眉目”的需要，可按本条约第五条第三款规定办法确定的比率用本币从当地银行和（或）非银行金融机构兑取，也可通过申请“有眉目”贷款、出口收入或其他正当渠道直接获取“有眉目”即“货币兑换中介单位”。
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.
第八条 “货币兑换中介单位”（“有眉目”）于适当时在非成员国的流通使用，由理事会决定并实施管理。
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.
第九条 “货币兑换中介银行”业务收入扣除所有费用之后的利润，一半对所有自愿缴款方按股分配，另一半转交给联合国，作为其财政收入之一部分。
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.
第十条 本条约应参加会议的各国、各地区代表签字，并须经由各自的立法机关依法定程序加以批准。
一俟包括中国、日本、韩国、俄罗斯、印度、巴基斯坦、英国、法国、德国、意大利和澳大利亚在内的33个主权国家完成国内批准程序，并将批准书交存于东盟秘书处，本条约即发生效力。未完成批准程序的签字方（国家和地区），可在一年内做出是否退出的决定；逾期未宣布退出者，自此时起自动成为当然成员。嗣后，如有成员申请退出，须经董事会和监事会各以过半数票通过批准。
其他国家加入本条约，须经董事会和监事会各以三分之二多数票通过批准。退出而申请再加入者，与新加入者同。
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 Republic of Korea, Russia, India, Parkistan, Great Britain, France, Germany, Italy and Australia, have ratified the draft treaty and sent their certificates of ratification to the Secretariat of ASEAN, 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.
第十一条 本条约生效施行后，理事会得拟订实施细则，经董事会和监事会各以三分之二多数票批准实施。
本条约之修正，与制定程序同。
本条约由监事会解释。本条约的汉语和英语文本同一作准。
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.
第十二条 本组织之成立，不影响国际货币基金组织继续存在并发挥其力所能及的作用。如果该组织决定终止其存在，依其决定。（2008年10月26日）
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）
[作者简介：余元洲，男，1955年生，河南信阳人；文学学士，经济学硕士，法学博士、博士后，江汉大学政法学院法律系教师；湖北武汉，430056; Tel.027-84226925(o)]
(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:yyz929@yahoo.com.cn)
附录：
根治全球金融危机的灵丹妙药
余元洲
（江汉大学政法学院；湖北武汉，430056）
一、方案设计：
1．以国家外汇管理局为基础创建“中华央行”，发行“华元”或“中华元”(the Chinese Dollars)作为“上币”(upper money)，另以现行的人民币为“下币”(lower currency)，实行“货币二重化”(money two-levellization)，构建一个完全新型的“双层国币制”(two-levellized monetary system)：
1）在二重币制中，华元或中华元为传统法币，与黄金挂钩保持定值，而人民币则为现代法币，币值可适当浮动以调节商业周期——即国民经济繁荣与萧条的周期性波动。
2）现设定每1华元单位恒等于0.01克金。上币华元与下币人民币的兑换比率，取决于以下币人民币标示的黄金价格（即：在任何时候任何地方，用1元人民币在黄金市场上能够买得到多少个0.01克黄金，就能兑换到多少个华元或中华元；反之，亦然）。在没有人民币黄金市场的情况下，得以各大商场的黄金饰品价格折算之。
3）华元与众外币的兑换关系，亦然。
2．自华元或中华元发行之日起，中国作为主权国家，得以立法明令境内一切法人和自然人（包括外国人）拒收美元、日元、欧元以及其他一切外币和（或）外汇。嗣后，举凡一切产品和（或）服务出口，只能以华元计价、结算（即要求外商从我国进口任何商品和服务必须用华元或中华元对我支付，而不能使用他们自己的国内货币）。到我们这里来买中国的东西，使用中国的货币付钱，理所当然，天经地义！有什么皮好扯？！倒是用他们印制的“合法伪钞”——美元、日元、欧元跑到我国来买走国人饱含血汗的产品和服务，太荒唐了！！！
至于境外进口商没有华元，这个问题很容易解决：可从其所在地的银行和（或）其他（非银行）金融机构取得（用他们的本币兑换或申请贷款都是可以的），后者（商业银行以及其他金融机构）则可从其所在国的中央银行（包括美联储等）取得，而境外各中央银行则可以通过下述方式从我中华央行取得华元或中华元以应当地银行之需：
1）向我中华央行申请华元低息和超低息基准利率贷款（自华元创设发行之日起第一年之内的基准年利率可定为1.2%，第二年的年利率可定为2.4%，第三的年利率可定为3.6%，此后一直保持3.6%的标准年利率恒久不变）；
2）用黄金兑换，每吨黄金兑换1亿华元。
经过一段时间之后，当境外企业和个人手里积存有一定量的华元储备之后，他们就有了至少三种取得华元的正常途径，即：1）申请华元贷款；2）动用黄金兑换；和3）向我国出口创汇，赚取华元。
3．华元创设发行之后，即为人民币与众外币的兑换中介，因为双层货币体制中的“上币”（华元或中华元）在性质上就是地地道道的“货币（下币）兑换中介单位”(the Units of Money Exchange Media, UMEM for short，音译为“有眉目”)。
作为“货币兑换中介单位”，“有眉目”（华元或中华元）虽然可以兑换成黄金，但绝无必要以黄金为价值基础和价值担保，而仅只是以黄金为定值标准。记住这一点，非常重要。因为，如以黄金为价值基础和价值担保，那就总有一天会重蹈布雷顿森林体系的覆辙，总有一天会崩溃的。
反之，在上币“UMEM”（华元、中华元）作为“货币兑换中介单位”不以黄金为价值基础和价值担保而仅以其为定值标准的情况下，其价值基础和价值担保就只能是下币和虚拟下币（即人民币和众外币，后者不处其属下地位，只是同属现代纸币，故称虚拟下币），以及这些下币所能够买到的（流通中的）世界各国（首先是中国）的商品、服务等实际社会财富的价值。
这样，虽然黄金可兑换为华元，华元也可回换为黄金，但作为通则，即使华元或中华元不能随心所欲地兑换为黄金，它也可以在任何时候、任何地方按照（1华元=0.01克金的固定比率）自由地将其兑换为任何一种相当于这么多黄金之价值的下币，如人民币。
既然如此，当然不存在任何的变现困难和（或）贬值风险。
4．现有外汇的处理办法：
总的原则是，不动声色地将其用出，花完为止。具体可以：
1）购买美、日、欧优质企业的普通股，如微软、谷歌、波音公司，欧洲空中客车公司、日本松下电器公司，等等等等诸如此类的企业股权；如果不成，则
2）购买其在华投资企业的股权；如果不成，则
3）购买其高端科技或科技产品；如果不成，则
4）购买石油以及其他为我国国内经济发展所必需的矿产品；如果不成，则
5）购买其为我国国内建设和谐社会所需要而能够改善我国民生状况的商品和服务等等。如果不成，则
6）购买黄金；
7）可能且必要的话，上述全选，各取一点。
至于现已经买了外国政府（主要是美国）和企业（如黑石集团、房利美、房地美等债券或股票的），就听天由命吧：能不亏或少亏，谢天谢地；若能赚一点，当然就更好。即使血本无归，也只好如此了。谁让我是个无名小卒呢？又是谁让我执意拒绝了清华大学法学院和经济管理学院任选其一的教职呢？——是我自己。到如今，出了书、发了文章，包括在核心期刊（如《当代财经》，而且是作为其“专家视线”特约文稿刊发的）和相当权威的国家一级刊物（《欧洲》杂志）所刊发的文章，竟如石沉大海没丁点儿影响！！——这都是我一味将自己矮化、再矮化所造成的恶果。如今想来，既对不起广大的世人和国人，也对不起自己的学问和良心！
这里，还有几个小小的花恕，讲出来供大家一笑了之：
1．《论货币二重化》这本小书1994年5月出版之后，曾让朋友送到北大，放在北京大学“三角地”附近的一家书店，一个月过后只卖出了一本！现在也不知到底到了谁的手里？有暇翻看否？此外，这本书我还曾亲自送到中国人民银行政研室和IMF驻北京代表处，并与其代表有一面之交，而与其副代表则有多次交往，直到其离任回美国之后依然保持了一段时间的通信联系。后来我做博士后研究，就得到了他们在英文资料方面的大力帮助，至今心里感激不尽！
2．《国际货币基金组织法律制度改革研究》这篇博士后科研报告于1998年3月完成之后，我先是亲自送到了中国人民银行国际司，然后又一次送到了IMF驻北京代表处。此时，他们原来的代表、副代表均已离任，新任日本籍代表尚未到任，而我与新的副代表则颇谈得来：他能讲一口相当不错的汉语普通话，而我也多少能说一点儿英语（因为本科是河南大学外语系“七七级”学生，1982年1月毕业的）。所以，相互介绍和寒喧之后，翻译人员干脆打了个招呼就笑着走开了，留下我们俩“吹”了大半天。临了，他还说，我送他的这本博士后报告，可是个任务不轻的Homework呀(家庭作业)，意思说，够他回去看一阵子的！谁知，自从我离京回汉以后，无论怎样也联系不上了。为此，我一直在想，也许是由于此人细看了我的报告后，对我所提出和论证的IMF改革（建议方案）有可能会损害到美国的霸权这一点，心生恼怒而不愿为友？不知道到底是怎么回事，反正再也联系不上。我写到北京和美国华盛顿IMF总部给他的信，都没有回音。
3．1997年5月上旬，中国社会科学院欧洲研究所和中国欧洲学会为纪念《罗马条约》四十年在江苏省吴江市（苏州附近的一个县级市）召开了一个相当规模的国际研讨会，我是120个到会代表和其中的大约八十名学者之一。会议期间，曾有机会与欧盟代表坐在一起双语交谈（此人懂中文）；闭幕式上，我有幸成为4位大会专题发言人之一。只可惜，欧盟后来的货币统一完全没有接受我的意见，而是顽固地坚持取消法郎和德国马克等成员国货币，实行单层货币制，而不是我所建议的双层货币制。
也正因为如此，才有今天法国总统萨科齐先生以及许多欧盟领导人的叫苦不迭！
设若那位欧盟代表能将我的意见反映上去，并且得到应有的重视，何至于此？！
所以我说，一切的一切，——全球数万亿金融资产灰飞烟灭，都是我小人惹的祸啊！
（2008年10月23日）
二、理论阐释：
（不懂英文，跳过看三）
英文阐释
余元洲
(An Exposition In English)
Yu Yuanzhou
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.
三、详请参阅：
1．《论货币二重化》，余元洲著，武汉大学出版社1994年版：
1）前言；
2）自序；
3）正文第1—39页；
4）正文第40—60页；
5）跋
2．《国际货币基金组织法律制度改革研究》，余元洲著，武汉大学出版社2001年版：
1）中英文摘要；
2）梁西先生《序》；
3）第五章（第56—67页）；
4）第六章（第68—83页）；
5）第七章（第84—94页）；
6）第八章的第二节、第三节（第99—108页）
7）第九章（第109—129页）
8）结论（第130—131页）
9）附录：亚洲金融危机与国际货币体制改革（第132—147页）
3．《论联合国的新角色》，余元洲著，世界知识出版社2005年版：
1）英文简介：How to reform the United Nations in reght direction?（第23—33页）
2）附录（第182—206页）
3）正文（第93—96页；第131—135页；第173—177页）
4．《哲经策论十篇》，余元洲著，新华出版社2008年版：
1）序；
2）正文（第88—100页）
5．余元洲：《货币二重化与欧盟货币统一》，载《欧洲》杂志1997年第5期。
6．余元洲：《国际金融危机与IMF的法制变革》，载《当代财经》1999年第2期。
7．余元洲：《美元撑起美国霸权》，载《环球时报》2005年1月19日第15版《国际论坛》。
8．余元洲：《美元——合法的伪钞》，载《学习月刊》2005年第9期。
9．余元洲：《货币二重化与国际货币体制改革的有关问题》，载《经济评论》（1998年增刊）。
10．余元洲：《论人民币汇率上的两难困境及其出路》，载《经济评论》（2006年增刊）。
11．余元洲：《货币二重化与欧洲单一货币方案的比较》，载于《欧洲与世界》一书（裘无伦、沈雁南主编），中国社会科学出版社，1998（第94—99页）。
12．余元洲：《论我国汇率并轨的成效、问题及对策》，载于《21世纪经济学前瞻》一书（武汉大学经济学院编），湖北人民出版社，1997（第488—499页）
13．余元洲：《论建立中华经济共同体》，《港澳经济》（广州），1993年第2期。
14．余元洲：《再论建立中华经济共同体》，同上，1993年第6期。
15．余元洲：《怎样建立中华经济共同体》，《当代》（香港），1993年第5期。
（2008年10月23日）