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Pastimes : Book Nook
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To: Ilaine who wrote (179)4/4/2001 11:57:24 PM
From: JF Quinnelly  Read Replies (1) of 443
 
The Bank of the United States was a relatively small privately owned bank that failed, but because of its name its failure scared a lot of foreign investors.

Sterilization is what I tried to describe to you, a process to prevent newly imported gold stocks from inflating the domestic money supply back when the gold standard operated.

So who gets to judge whether or not Temin "refutes" Friedman and Schwartz? As opposed to his simply disagreeing with their conclusions? The fact that some work is newer doesn't mean that it is better.

I didn't say that events in England, France and Germany didn't affect the US. I said I don't think foreign trade was a decisive factor for the US because it was a small % of the GNP. But because of the way that the gold standard linked currencies, monetary events like the deflationary return to parity in Britain affected the monetary environment in the US.
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