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Brad DeLong's Grasping Reality 2020-02-17 15:35:44

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Milton Friedman on Trump Fed nominee Judy Shelton. Uncle Milton would be really, really unhappy to see this nomination approved: Milton Friedman (1994): Free-Floating Anxiety https://miltonfriedman.hoover.org/friedman_images/Collections/2016c21/NR_09_12_1994.pdf: 'In a recent Wall Street Journal op-ed piece (July 15) recommending a return to gold, Judy Shelton started her concluding paragraph: “Until the U.S. begins standing up once more for stable exchange rates as the starting point for free trade...” It would be hard to pack more error into so few words. A true gold standard—a unified currency—is indeed consistent with free trade. But a system of pegged exchange rates, such as the original IMF system or the European Monetary System, is an enemy to free trade. It is no accident that

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Milton Friedman on Trump Fed nominee Judy Shelton. Uncle Milton would be really, really unhappy to see this nomination approved: Milton Friedman (1994): Free-Floating Anxiety https://miltonfriedman.hoover.org/friedman_images/Collections/2016c21/NR_09_12_1994.pdf: 'In a recent Wall Street Journal op-ed piece (July 15) recommending a return to gold, Judy Shelton started her concluding paragraph: “Until the U.S. begins standing up once more for stable exchange rates as the starting point for free trade...” It would be hard to pack more error into so few words. A true gold standard—a unified currency—is indeed consistent with free trade. But a system of pegged exchange rates, such as the original IMF system or the European Monetary System, is an enemy to free trade. It is no accident that the 1992 collapse of the EMS coincided with the agreement to remove controls on the movement of capital...

Bradford DeLong
J. Bradford DeLong is Professor of Economics at the University of California at Berkeley and a research associate at the National Bureau of Economic Research. He was Deputy Assistant US Treasury Secretary during the Clinton Administration, where he was heavily involved in budget and trade negotiations. His role in designing the bailout of Mexico during the 1994 peso crisis placed him at the forefront of Latin America’s transformation into a region of open economies, and cemented his stature as a leading voice in economic-policy debates.

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