Antal Fekete: The Dismal Monetary Science

"...In 1971 the government of the United States threw the international monetary unit to the winds, and embraced the regime of floating exchange rates. It solemnly declared that the old unit was obsolete, rigid, as well as reactionary. Above all, it was irrational as it denied the advantages of rational management of the dollar. At the long last, the government was now in a position to assume full power in the discharge of its sacred duty unfettered by petty superstition, namely, managing the currency in the national interest."

The above is an excerpt from Prof. Antal E. Fekete's address "THE DISMAL MONETARY SCIENCE. The Year of the Euro: The Missed Opportunity of the Millennium" delivered before the Athenaeum of Madrid, Spain, January 18, 1999.
A little dated but fresh as ever touching upon the true "mark of the nails"...
To read the entire essay please click HERE