The problem with global monetary system is that it is controlled by singular authorities in form of national/regional central banks. Today, no such institution is talking to each other for global monetary balance. US is flooding the market with easy money; China repeats; Japan is doing the same and others are simply following. As a result, there is too much money being printed. If US does not listen or correct, nobody can do anything. After all, it is the lender of the last resort but today this lender is lending to its own government endlessly. So, it does not bother about the world. How to suck this excess cash in a unique way? Make governance of money be handed over to not singular but plural institutions. Let the RBI, all banks and financial institutions who can have minimum of 100 quintals of gold or 1000 quintals of silver should issue new currencies to the public so that there is an institutional and multi-pronged control on money supply. Let there be hundreds of different gold/silver-backed currencies and people should be free to choose the money they want to own. This will attract the global money and the entire world would follow the suit. The gold based system would suck the meaningless liquidity and stop the money printing by central banks. India has a lot of gold and silver with its people though the govt. does not have even 10% of that. India needs to be the leader by becoming a monetary Ganesha that gobbles up excess cash of global finance. But who will listen? Only when 80-100 Indian rupees would fetches one US dollar or it will fluctuate too violently. This single change would make India sone ki chidiya again.