By John Tamny, Real Clear Markets
In his Tract on Monetary Reform, John Maynard Keynes made the essential point that when money is debased, enterprise is discredited, and trade barriers soon reveal themselves. Having witnessed the worldwide monetary errors of the ’20s that led to economic isolationism in the ’30s, Keynes knew well the importance of the 1944 Bretton Woods monetary standard, of which he was a chief architect.
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