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I went to a conference in monetary economics at the Heritage Foundation a month and a half ago with Steve Hanke of John Hopkins and the Cato Institute, Robert Mundell the Nobel Laurette, and Judy Shelton of the Atlas Foundation and formerly Jack Kemp's economist. Mundell argued for a global currency with a global central bank which would reduce currency conversion problems and enhance global trade. Hanke argued the case for fixed exchange rates based upon a rule. But, even though this post makes a good case for our current Fed system but more rule-based and standardized and subject to audits, I agree with Judy Shelton who said let's all go back to gold. All of these problems outweigh the benefits and I think that the, formerly seen as fringe, case for free banking is making more and more sense after the crisis of 2008, for instance see Joseph Salerno at the Cato Institute, Hayek, and others. Shelton had a good article here:
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May 27, 2010