Introduction

I love the people who simultaneously bemoan the US leaving the gold standard which he was instrumental in. Well then, turn around and point to him as the greatest of the central bankers for hiking interest rates in a totally inappropriate fashion. And what they were neglecting was the dollar creation from the overseas community is what I call the non sovereign, Euro dollar creation. It wasn't bounded by minimum capital standards and was feeling frisky. The Fed being a domestic banking regulator just didn't seem to be aware of it.