Growing protectionism and what it portends for global economic growth—not to mention geopolitical stability—induces somber references to the year 1944. The “rules-based” Bretton Woods agreement hammered out by the Allies in July that year, while World War II still raged, puts into sharp relief the consequences of trade and currency wars.

Yet we don’t have to go back 80 years to make the point that having a stable monetary foundation to support free trade and capital flows helps to strengthen economic and political alliances. It was in 1964, only sixty years ago, that “Goldfinger” premiered with Sean Connery starring as James Bond. Monetary economists of a certain age will no doubt recall with pleasure this action thriller.