Quote of the Day

“The whole idea of having a free trade area when you have gyrating exchange rates doesn’t make sense at all. It just spoils the effect of any kind of free trade agreement . . . .”

“Fixed exchange rates operate between California and New York . . . .”

“These currencies should be fixed, as they were under Bretton Woods or the gold standard. All this unnecessary noise, unnecessary uncertainty; it just confuses the ability to evaluate market prices.”

— Robert Mundell, October 16, 2010

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