On the Implementation of Sound Money

World financial crisis unveiled the shaky state of modern monetary system, based on a centralized fiat money supply and fractional-reserve banking. The scale of the crisis and the threat of major inflation, which has already become a reality on commodities markets, confirm the instability of the monetary system. In order to discover weak spots of the system and consider possible solutions on how to remove them, it is necessary to revise the nature of its elements, first of all, money. The article is devoted to the issues of commodities backed money and approaches of its implementation. Model of unregulated money creation/withdrawal, which is based on ETF technology and exchange infrastructure, is proposed as an incentive to stimulate discussion about possible improvement of the modern monetary system.