Daily Archives: November 20, 2008

By Brendan Brown 

A conundrum has long been known to monetary economists, but only comes into the open during the once in a quarter-of-a-century type of recession apparently plaguing the global economy.

The quandary is how, in a conventional monetary economy, to bring interest rates down to the negative levels essential to speedy recovery during periods when there is a sharp decline in spending propensities. 

By Johannes Witteveen

When we think about a second Bretton Woods conference, we have to realize that the international monetary system created in Bretton Woods was fatally damaged when the US suspended the convertibility of the dollar into gold in 1971.