Fed Up

BRETTON WOODS is really a metaphor for gold and price stability,” said Jack Kemp as he launched an Empower America conference commemorating the fiftieth anniversary of the postwar global monetary pact. Indeed, John Maynard Keynes, one of the architects of the Bretton Woods agreement, told the House of Lords that it was “the exact opposite” of a return to the classical gold standard.

Kemp—the only prominent national politician who understands the complexities of monetary policy—stopped way short of calling for a full return to the Bretton Woods system, wherein the dollar was convertible to gold at $35 per ounce and all other currencies were pegged to the dollar.

About the Author

Larry Kudlow

Larry Kudlow is the author of JFK and the Reagan Revolution: A Secret History of American Prosperity, written with Brian Domitrovic.

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BRETTON WOODS is really a metaphor for gold and price stability,” said Jack Kemp as he launched an Empower America conference commemorating the fiftieth anniversary of the postwar global monetary pact. Indeed, John Maynard Keynes, one of the architects of the Bretton Woods agreement, told the House of Lords that it was “the exact opposite” of a return to the classical gold standard.

Kemp—the only prominent national politician who understands the complexities of monetary policy—stopped way short of calling for a full return to the Bretton Woods system, wherein the dollar was convertible to gold at $35 per ounce and all other currencies were pegged to the dollar.