if anything the fed has shown tremendous understanding of monetary policy

http://krugman.blogs.nytimes.com/2012/12/24/the-fed-and-interest-rates/
thus far.

separate note about the importance of having 2 sets of tools; gold standard is like joining euro, it deprives the country of independent monetary policy.
http://www.voxeu.org/article/protectionist-temptation-lessons-great-depression-today

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