Declan Murphy wrote:
> Kevin Gowen wrote:
> 
>> Declan Murphy wrote:
>>
>>> Kevin Gowen wrote:
>>>
>>>> Declan Murphy wrote:
>>>>
>>>>> Kevin Gowen wrote:
>>>>>
>>>>>> If China is so concerned, why does it have the same central bank 
>>>>>> as the US?
>>>>>
>>>>>
>>>>> China doesn't have the same central bank as the US. 
>>>>
>>>>
>>>> Sure it does. It's called the Federal Reserve. This is by dint of 
>>>> pegging the yuan to the dollar
>>>
>>>
>>> Still haven't actually got around to understanding Friedman et al yet 
>>> have you.
> 
> 
> Do you have a rough layman's understanding of what a central bank does 
> now? Have you learned the difference between a currency peg, currency 
> baskets, optimum currency areas, fixed and floating exchange rate 
> regimes, the relationship between exchange rates and domestic money 
> supply etc?
> 
>> Are you still scratching our head over who exactly James Buchanan is?
> 
> 
> Nope - I enjoyed writing a paper in 1989 that drew largely upon 
> Buchanan's work on Wicksell. I also have a bit of an unfair advantage, 
> in being able to understand his theoretical work. His critiques of poor 
> policymaking with respect to the 1890's depression are still worth 
> crunching. Last year I was actually expecting you to quote Mundell.

So why did you fire Brett?

-- 
Kevin
"This is the best election night in history."--Democratic National 
Committee chairman Terry McAuliffe, Nov. 2, 2004, just before 8 p.m. EST