By John Tamny RealClearMarkets
Writing about former Fed Chairman Arthur Burns in his 1998 book, Nixon’s Economy, economic historian Allen Matusow noted that Burns "had no fixed monetary principle of his own, except a determined eclecticism that translated into unsteadiness of purpose." Though he fought against the suspension of the Bretton Wood’s world-dollar standard, in the end Burns was "too ready to sacrifice clarity for surface harmony in the policy directives of the Federal Open Market Committee."
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