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"The problem with socialism is you eventually run out of other people's money" - Margaret Thatcher "The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design" - F.A. Hayek
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About Me
- Randall Parker
- I am a Professor of Economics at East Carolina University in Greenville, NC. My research focuses on macroeconomics and economic history in general and the economics of the Great Depression in particular. I have authored two books, Reflections on the Great Depression and The Economics of the Great Depression: A Twenty-First Century Look Back at the Economics of the Interwar Era and edited The Seminal Works of the Great Depression. I am currently working on my fourth book Interwar Historical Antecedents of Modern Inflation Targeting and I am the co-editor (with Robert Whaples) of The Handbook of Major Events in Economic History and The Handbook of Modern Economic History. I have also traveled the country giving speeches on the state of the macroeconomy and other economic issues to many trade and business associations. When I am not thinking about the economy I am either chasing ducks, handicapping horses or arranging a fine dining experience. Lastly, the opinions expressed on this blog are mine alone and do not reflect upon East Carolina University in any way or manner, in whole or in part, now and forever more under the canopy of heaven.
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3 comments:
What exactly is Bretton-Woods and how does it differ from a true gold standard? I understand the problems with the pre-1930s commodity standard but could Bretton-Woods work? Or rather, why didn't it work?
So who do you support? We know it isn't Obama. Considering this post and your background, we know it can't be Paul or Gingrich. Considering Romneycare I'd be surprised if you are a Mitt supporter. It doesn't look too promising for the US.
Oh I can think of a more dangerous idea than the gold standard........... go suggest to your wife an "open marriage"........... and that's how the fight started
I am not really happy with any of them to tell the truth. I liked Mitch Daniels but he didn't want to be dragged through the mud. What is going on to the governor of Wisconsin chills me and makes me nauseated however.
Bretton-Woods, like the gold standard was a fixed exchange rate system but it allowed adjustment in the event of persistent balance of payments disequilibrium. The dollar was pegged to gold at $35.00 per oz. and the other countries pegged to the dollar. But it was an adjustable peg. The US committed to redeeming foreign holdings of dollars at any time into gold. When the inflation of the 1970s came around the system blew apart and Nixon ended it on August 15, 1971. I am not a fan of fixed exchange rate systems so I doubt it could work. Greece has a fixed exchange rate with Germany now and it is not working out so good.
It got the name from a ski resort in New Hampshire where the world leaders met and set the system up after WWII.
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