Guest Comment: Steve Hanke: “Unfortunately, the IMF’s future will be much the same as its past. When the job for which a bureaucracy was organized changes or disappears, the industrious bureaucrats will find new work to do. On April 21, the G-7 finance ministers and central bank governors issued a communique. For the first time, the Gang of Seven singled out China and its exchange-rate regime for criticism. According to the G-7 countries, China must part ways with its ‘fixed’ exchangerate setup and allow the yuan to float. Even though the ‘fixed’ yuan/dollar system has contributed mightily to China’s stellar economic performance for over a decade, the Gang claims that China’s exchange rate is contributing to dangerous global imbalances. To help find a solution to this socalled problem, the IMF was given a new mandate: to start immediate negotiations between countries with the largest trade imbalances (read: the US and China) with the goal of reducing the imbalances (read: raising the value of the Chinese yuan from 12 cents to a much larger sum). This new mandate promises a lot of IMF jobs and a potential danger for China.”
Featuring the author Angus Deaton, Dwight D. Eisenhower Professor of Economic and International Affairs, Woodrow Wilson School of Public and International Affairs & Economics Department, Princeton University; with comments by Charles Kenny, Senior Fellow, Center for Global Development; moderated by Ian Vasquez, Director, Center for Global Liberty and Prosperity, Cato Institute.
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December 6, 2013
Tim Lynch discusses the rising number of arrested D.C. police department officers on WUSA’s 9 News at 6pm
December 5, 2013
Interest rates should be determined by the interaction of savers and investors, not driven by the arbitrary whims of government officials in Washington.
The 2008-2009 financial crisis and Great Recession have vastly increased the power and scope of the Federal Reserve, and radically changed the financial landscape. This new ebook examines those changes and considers how the links between money, markets, and government may evolve in the future.