Nordhaus on Monetary Reform

Yale economist William Nordhaus, with the typically enlightened attitude of a Yale professor, offers his thoughts on monetary reform:

Mr. Nordhaus dismissed notions of scrapping the central bank, as well as criticism of its chairman, Ben Bernanke, as “partisan” and “ignorant.”

“Return to the gold standard? Give me a break. We’re not in Kansas. This is an integrated world economy,” he said. And forget doing away with the Fed: “Every country has a central bank. Money cannot manage itself.”