Re: James Baker's commodity index

From: Michael Perelman (michael@ECST.CSUCHICO.EDU)
Date: Tue Nov 16 2004 - 14:14:06 EST

Where can I read more about this?

On Tue, Nov 16, 2004 at 10:59:18AM -0800, Rakesh Bhandari wrote:
> 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.
> Rakesh

Michael Perelman
Economics Department
California State University
Chico, CA 95929

Tel. 530-898-5321
E-Mail michael at

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