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Yet that era also bequeathed to us some new problems.What we now call the European Union grew out of a postwar Franco-German coal and steel trading pact.In today’s letter we are going to look closely at the International Monetary Fund and a scathing report from its own internal auditors.
And the results did look positive for the first few decades.The euro currency is a branch in the same family tree as the World Bank, the International Monetary Fund, and others.Theories and practices often outlive their usefulness in our fast-changing world.So do institutions, including those chartered at the 1944 Bretton Woods Conference.Always remember that the future comes one day at a time.” – Dean Acheson “Practical men who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist.” – John Maynard Keynes I don’t often agree with Keynes, but he is the most quotable of all major economists. Now his quip comes back to haunt his legacy and his followers.
Of course, he was talking about all those defunct economists who no longer kept up with his new and improved way of thinking about all things economic.