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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: Knighty Tin who wrote (15708)	6/22/2004 2:42:11 PM
From: ild	Read Replies (3) of 110194

Paul L. Kasriel Malpass And Friedman Are Both Off The Mark In the June 18th edition of the WSJ, David Malpass wrote an op-ed piece extolling the virtues of having the Fed fix the exchange rate of the U.S. dollar to other major currencies. According to Malpass, this would keep the Fed on the straight and narrow with regard to the stability of goods and services prices. Milton Friedman took Malpass to task in a letter to the editor in today’s WSJ. Friedman correctly pointed out that fixing the foreign exchange rate of the dollar would not guarantee the price stability of U.S. goods and services. All it would do is guarantee that inflation across economies would move at the same rate. Then Friedman went off the rails with the question: “Does Mr. Malpass seriously contend that the other central banks of the world can be counted on to do a better job of controlling inflation than the Fed?” more ... northerntrust.com

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