In the aftermath of the crisis, capital account convertibility is no longer seen as a secular objective to be pursued and capital account restrictions are, in certain situations, seen to be important policy instruments to promote financial and macroeconomic stability.
In earlier monetary history, trust in the value of money was ensured in so-called “commodity money”; money with intrinsic value and use in its own right. Examples are plentiful: Cigarettes during wars, pearls or gold coins. Historically, gold had value in terms of its use for making jewellery.