The author has been described by News Ltd as an "iconoclast", "Svengali", a pollie's "economist muse", and "pungently accurate". Fairfax says he is a "Renaissance man" and "one of Australia’s most respected analysts." Stephen Koukoulas concludes that he is "85% right", and "would make a great Opposition leader." Terry McCrann claims the author thinks "‘nuance’ is a trendy village in the south of France", but can be "scintillating" when he thinks "clearly". The ACTU reckons he’s "an enigma wrapped in a Bloomberg terminal, wrapped in some apparently well-honed abs."

Thursday, August 5, 2010

Keynes was right: we need Bancor (English: IMF canvasses 'global currency')

Funnily enough, I remember calling Joshua Gans during the GFC very excited about an idea I had to help address the crisis: establish a global central bank. It turns out Keynes had proposed something very similar, and the creation of a global currency called Bancor. In this new paper, the IMF canvasses a global currency as the end-game solution for financial instability. See also the IMF's bubble chart below.