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Central bank intervention

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Comment on the following statement: "One of the puzzling aspects of central bank intervention is how those who manage our economic affairs think they know what is the `right' price for a dollar in terms of francs, pounds, yen, or Deutsche marks. And if they do know, why do they keep changing their minds?"

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Once President Nixon decided to abandon the gold standard, the dollar became just a piece of paper backed by nothing more substantial than "the full faith and trust of the United States government." Of course, we could ...

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