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Wednesday update: Mundell calls for a US/EU common currency; Chapman on gold; Huntsman wants sound money.

Klassa (Bulgaria) reports Robert Mundell advocating a common currency between the US and EU.

On Coffee and Markets, Brian Domitrovic discusses his Laffer Center paper on the Federal Reserve’s financing of the federal debt.

At The Freeman, John Chapman and John Allison argue for a return to gold-linked money.

On The Kudlow Report, Dan Mitchell discusses a US bailout of Europe:


On his website, Jon Huntsman advocates sound money:

Jon Huntsman supports a strong and stable dollar. As president, he will appoint Federal Reserve Board Governors and a Chairman who believe in sound money. The United States cannot devalue our way to prosperity and efforts to do so risk a “beggar thy neighbor” round of devaluations, which will ultimately harm American exporters and risk the dollar’s privileged position as the primary global reserve currency.

On NRO, Larry Kudlow doubts the Fed’s cheapening of dollars to Europe will change anything.

From Cato, Steve Hanke suggests Europe is suffering from monetary contraction.

At The WSJ, George Melloan notes Europe’s move toward fiscal consolidation:

The possible direction of the negotiations was tipped by a leaked German memo proposing a “European Monetary Fund” that would be the core of a “stability union” paving the way for “political union.” As a quid pro quo for financial aid, this fund would demand policy reforms in distressed nations to facilitate a work-off of excessive debt. Ms. Merkel, French President Nicolas Sarkozy and the new Italian premier, Mario Monti, are promising that a plan for closer economic and political integration will be submitted at the Dec. 9 European Union summit. If approved, this could be a very big deal.

From The Council on Foreign Relations, Benn Steil explains the ECB is restrained, unlike the US Fed, because it lacks the backing of a national treasury.

Cato’s recent monetary conference is now online (panel 1; panel 2; panel 3; panel 4; closing remarks):

At Forbes, Jim Powell recounts the history of debt and devaluation among wealthy nations.

From Bloomberg, National Review’s Ramesh Ponnuru argues the Fed should adopt Nominal Gross Domestic Product.

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