Nordhaus on Monetary Reform
By Peter Klein • Friday October 14, 2011 2:44 PM PDT • 2 Comments
Yale economist William Nordhaus, with the typically enlightened attitude of a Yale professor, offers his thoughts on monetary reform:
Mr. Nordhaus dismissed notions of scrapping the central bank, as well as criticism of its chairman, Ben Bernanke, as “partisan” and “ignorant.”
“Return to the gold standard? Give me a break. We’re not in Kansas. This is an integrated world economy,” he said. And forget doing away with the Fed: “Every country has a central bank. Money cannot manage itself.”
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Had to struggle to keep from laughing out loud.
Fred Hewitt | Oct 15, 2011 | Reply
NATURALLY, MONEY CANNOT Manage itself, but I prefer to manage my own,without the interference of someone who has no business having his hand in my pocket. When I put a dollar in it, I expect to find a dollar when I need it , not a nickel. There is no need for a corrupt central BANK, THAT HAS MANAGED TO FUNNEL OUR FUNDS OFF TO THEIR CRONIES. And there seems to be no way to keep a tight enough rein on them to prevent the greed from influencing their actions. So the only alternative is to End the FED.We are better off with only utilizing our own local banks and credit unions. As for international payments on debts, that’s why we have a treasury dept. It is more than enough to keep on eye on what they are doing with out adding another layer to transfer funds without a paper or electronic trail.
Marge Bramschreiber | Oct 16, 2011 | Reply