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Bordo-McCauley: “A wrong Fed could do the dollar in: An open letter to the US Senate” Highlight

posted on in: Quote, baselines and economy.

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What an ingenious solution! The Fed took only the risk of lending to major central banks. These banks in turn took the risk of lending to foreign commercial banks. US households and small businesses enjoyed the benefit of lower loan rates.

— Menzie Chinn

Replicated under Fair Use from Bordo-McCauley: “A wrong Fed could do the dollar in: An open letter to the US Senate” by Menzie Chinn.

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