Arnold Kling  

Morning Commentary

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Quoted Out of Context Again... Kling vs. NY Times...

Amar Bhide writes,


Regulators apparently succumbed to the idea, peddled by financiers and modern theorists, that if a little financial innovation was good, a lot must be great--even if it was far outside their capacity to monitor.

Thanks to Reihan Salam for the pointer.

Also, James Kwak explains why Europe is in worse shape than we are. It's been years since I read Steve Roach describe the United States as the "tallest pygmy" in world currency markets, and it's a metaphor that just seems to always apply.


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COMMENTS (3 to date)
Floccina writes:

My thought is that the Euro is the opposite of what you want. IMO you want many currencies so that if one goes bad (inflation or deflation) the others can help. Also competition might be good.

Steve Riegel writes:

@Floccina
Don't forget some due-diligence and oversight on the particular currencies that you choose.

Greg Ransom writes:

Arnold, you'll find this piece by Leijonhufvud of interest:

http://www.voxeu.org/index.php?q=node/3065

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