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Tag Archives: Mundell

Does the ‘reserve’ dollar harm America?

  For many years  Lewis E. Lehrman and John D. Mueller have been calling attention to what they call the “reserve-currency curse.” Since some politicians and economists have recently insisted that the dollar’s official role as the world’s reserve currency is instead a great blessing, it is welcome that they have recently revisited the issue…
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Which anchor for money?

    The supply of money needs to be limited or ‘anchored’ to prevent excessive supply reducing its value. At present money is supposed to be limited by central banks following inflation targeting models. However, this paradigm has lost traction under the strain of the crisis. In effect we have returned to a discretionary monetary policy,…
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Might the US champion reform?

A few years ago, there was much excitement amongst monetary reformers when the governor of the People’s Bank of China made a speech championing reform. But China did not follow up that initiative – indeed, officials downplayed it, saying that Governor Zhou had been speaking in a personal capacity. Then came President Nikolas Sarkozy, who…
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Volcker, Lagarde, Rees-Mogg and the Ikon

Lord Rees-Mogg, former editor of The Times, London and doyen of British commentators, has called for a reform of the global financial system (GFS). Rees-Mogg quotes Paul Volcker, who in a recent interview described the present period as one of the most difficult in history: “This is a recession on top of a complete financial…
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