Were the Fed not to do what it must, reports of the death of the dollar’s global role — that have circulated without ground for two generations — could prove for once not greatly exaggerated.
Senators, history will not look kindly on your playing politics with your duty to advise and consent on Fed appointments. A wrong Fed could do the dollar in.
— Menzie ChinnReplicated under Fair Use from Bordo-McCauley: “A wrong Fed could do the dollar in: An open letter to the US Senate” by Menzie Chinn.