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Today's Economic History: Eric Rauchway on Roosevelt’s Money Policy, 1933-1934 (Brad DeLong's Grasping Reality...)
In other words, before Roosevelt had been in office a full year, he had articulated, with Keynes’s approval, all the elements of what would become the Bretton Woods monetary policy in 1944: currencies would be kept at stable exchange rates, but would be adjustable in keeping with the needs of economic prosperity in each country.
Morning Must-Read: Barry Eichengreen: Greece in Light of the Past and Future of the Euro - Washington Center for Equitable Growth
“I’m strongly of the view that 1929-1931 and 2008-2010 were cut from the same cloth…
…broadly speaking, whereas 1920-1922 was a fundamentally different animal… caused by monetary tightening by the Federal Reserve designed to wring inflation out of the economy, not by deeper economic and financial imbalances
