Re: James Baker's commodity index

From: Rakesh Bhandari (bhandari@BERKELEY.EDU)
Date: Tue Nov 16 2004 - 13:59:18 EST

Just to clarify why I sent summaries of Baker's ideas from 1987,
though their relevance should be obvious.

In 1987, Reagan seemed ready to reappoint Paul Volcker as Fed
Chairman, when Treasury Secretary James Baker convinced him to give
the job instead to Greenspan.  Baker gloated ''We got the son of a
bitch'' after maneuvering Paul Volcker out of the Fed.

Greenspan was chosen--I am arguing--to run monetary policy in
accordance with what can be called Baker's modified gold standard.


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