Jennifer Burns

You know, he's coming from the South American context from such upheaval, such economic devastation in pursuit of the goal of equality that I think trying to rebalance with that emphasis on freedom, I definitely see where he's coming from.

You know, he's coming from the South American context from such upheaval, such economic devastation in pursuit of the goal of equality that I think trying to rebalance with that emphasis on freedom, I definitely see where he's coming from.

Well, the Nixon administration is an interesting case because, so I've been talking about inflation and the different consequences it had. One consequence it had is that it began to undermine the Bretton Woods currency system that was established in the wake of World War II. Now, Bretton Woods, what it did basically, it ended up inadvertently putting the U.S.

Well, the Nixon administration is an interesting case because, so I've been talking about inflation and the different consequences it had. One consequence it had is that it began to undermine the Bretton Woods currency system that was established in the wake of World War II. Now, Bretton Woods, what it did basically, it ended up inadvertently putting the U.S.

Well, the Nixon administration is an interesting case because, so I've been talking about inflation and the different consequences it had. One consequence it had is that it began to undermine the Bretton Woods currency system that was established in the wake of World War II. Now, Bretton Woods, what it did basically, it ended up inadvertently putting the U.S.

dollar at the center of the world economic system. But under Bretton Woods, countries of the industrialized West agreed to trade their currency in set ratios that government sent. So a franc was worth so many dollars or a German mark was worth so many francs.

dollar at the center of the world economic system. But under Bretton Woods, countries of the industrialized West agreed to trade their currency in set ratios that government sent. So a franc was worth so many dollars or a German mark was worth so many francs.

dollar at the center of the world economic system. But under Bretton Woods, countries of the industrialized West agreed to trade their currency in set ratios that government sent. So a franc was worth so many dollars or a German mark was worth so many francs.

And then also under this system, countries could come to the United States and they could trade the dollars that they held for gold because the US was on a sort of modified gold standard. There was a ratio of gold to paper money.

And then also under this system, countries could come to the United States and they could trade the dollars that they held for gold because the US was on a sort of modified gold standard. There was a ratio of gold to paper money.

And then also under this system, countries could come to the United States and they could trade the dollars that they held for gold because the US was on a sort of modified gold standard. There was a ratio of gold to paper money.

And so the system was set up, and very quickly, most countries were—the dollar was at the heart of it, in that converting into and out of dollars was really the mechanism of trade for many of these countries. So Friedman said— You know, what we should have is floating exchange rates.

And so the system was set up, and very quickly, most countries were—the dollar was at the heart of it, in that converting into and out of dollars was really the mechanism of trade for many of these countries. So Friedman said— You know, what we should have is floating exchange rates.

And so the system was set up, and very quickly, most countries were—the dollar was at the heart of it, in that converting into and out of dollars was really the mechanism of trade for many of these countries. So Friedman said— You know, what we should have is floating exchange rates.

This is an idea, again, of instead of having a top-down design of policy, an administered policy, we will have policy set by prices. And you should be able to trade currencies on an open market. They should trade and they should fluctuate and that would be fine. Totally outlandish idea.

This is an idea, again, of instead of having a top-down design of policy, an administered policy, we will have policy set by prices. And you should be able to trade currencies on an open market. They should trade and they should fluctuate and that would be fine. Totally outlandish idea.

This is an idea, again, of instead of having a top-down design of policy, an administered policy, we will have policy set by prices. And you should be able to trade currencies on an open market. They should trade and they should fluctuate and that would be fine. Totally outlandish idea.

But he was pinpointing the fact that Bretton Woods had an instability and that instability began to emerge in the time of inflation. So you have more and more dollars being printed. They're worth less and less. If European nations keep trading their currency for dollars, they're going to be importing inflation into their own economies. So they say...

But he was pinpointing the fact that Bretton Woods had an instability and that instability began to emerge in the time of inflation. So you have more and more dollars being printed. They're worth less and less. If European nations keep trading their currency for dollars, they're going to be importing inflation into their own economies. So they say...

But he was pinpointing the fact that Bretton Woods had an instability and that instability began to emerge in the time of inflation. So you have more and more dollars being printed. They're worth less and less. If European nations keep trading their currency for dollars, they're going to be importing inflation into their own economies. So they say...