From: Rakesh Bhandari (bhandari@BERKELEY.EDU)
Date: Tue Nov 16 2004 - 20:04:07 EST
At 11:14 AM -0800 11/16/04, Michael Perelman wrote: >Where can I read more about this? The quote from Baker is in Woodward's book on Greenspan. But that Greenspan may have been chosen to run surreptiously Baker's modified gold standard--hardly a radical idea, I would think, given Greenspan's own gold bug past--is not an idea that has been developed in print as far as I know in recent years--there are those fifteen year old articles from the WSJ and NYT. Perhaps this is the reason that it is having a chilly reception here on OPE-L. On and off for the last two years, I have been putting the idea forward as an answer to Fred's question of whether there is any sense in which money is a commodity today. I of course think my answer is the most plausible, albeit only partially, affirmative answer. Rakesh >On Tue, Nov 16, 2004 at 10:59:18AM -0800, Rakesh Bhandari wrote: >> Just to clarify why I sent summaries of Baker's ideas from 1987, >> though their relevance should be obvious. >> >> In 1987, Reagan seemed ready to reappoint Paul Volcker as Fed >> Chairman, when Treasury Secretary James Baker convinced him to give >> the job instead to Greenspan. Baker gloated ''We got the son of a >> bitch'' after maneuvering Paul Volcker out of the Fed. >> >> Greenspan was chosen--I am arguing--to run monetary policy in >> accordance with what can be called Baker's modified gold standard. >> >> Rakesh > >-- >Michael Perelman >Economics Department >California State University >Chico, CA 95929 > >Tel. 530-898-5321 >E-Mail michael at ecst.csuchico.edu
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