The Scandal of Money: Why Wall Street Recovers but the Economy Never Does [2016] by George Gilder

Author:George Gilder [Gilder, George]
Language: eng
Format: epub
ISBN: 9781621575665
Publisher: Regnery Publishing
Published: 2016-02-22T16:00:00+00:00

Chapter 10

Hypertrophy of Finance

With the fall of gold as a means of payment and as a unit of account (but not yet as a store of value) . . . , the world monetary system is not easy to understand. At least conceptually, the pre-1914 gold standard was simple: the domestic and international means of payment were the same.

—Ronald McKinnon (1979)1

What can an exchange rate really mean . . . when it changes by 30 percent or more in the space of 12 months only to reverse itself? What kind of signals does that send about where a businessman should intelligently invest? . . . The answer to me must be that such large swings are a symptom of a system in disarray.

—Paul Volcker (1992)

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