This is not convincing because there are a variety of currency regimes in the world today and they seem to be in healthy competition
Explain, for example, how both the Fed and ECB implemented Basel III. Why do these two "independent" organizations adhere so closely to the policy recommendations of some unelected NGO?
Who do you think is on the committee that writes the Basel Accords [1]?
[1] https://en.wikipedia.org/wiki/Basel_Committee_on_Banking_Sup...
I'll give you a big hint, both the first and second presidents of the ECB previously were part of the same small and obscure NGO concerned with the history of banking.
You’re describing the leaders of the G-10, their central banks’ governors and the world’s most powerful legislatures, who pass the Basel Accords into law, as “stuffy bureaucrats.”
If you’re looking for conspiracy theories, the FOMC is far less elected, and arguably far more powerful, than the committees passing non-binding regulations on capital requirements and leverage limits.
You only need a few first principles to see absolutely everything, like seeing the matrix code: 1) The world society is entirely made up of individual people, 8B pairs of feet on the ground. Abstractions like 'the government' or "China" are red herrings. 2) Power is relational. Vito tells Tom what to do, and it behooves Tom to carefully follow orders. 3) There are no regulations and human laws in the state of nature, only in the social reality. You alone on Mars would be free to do whatever you wanted, but here on Earth you must file with the IRS, or else.