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But the central issuance of a fiat Bancor by the ICU quasi-IMF/World Bank institution he had in mind required global government and global taxation to back it.

Yes.

Shared fiscal policy is a necessary condition for a stable fixed-currency regime.

That is not an indictment of Keynes' analysis, it is an indictment of the Gold Standard.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Mon May 30th, 2011 at 07:36:50 PM EST
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