Robert Mundell, 1932-2021

New York Sun/Seth Lipsky/4-5-2021

photograph of Nobel laureate Robert MundellMundell had already played a leading role in developing the economic strategy — high interest rates combined with supply-side tax cuts — that was so central to defeating the stagflation of the 1970s and enabling the Reagan boom. Mundell would go on to advise the central bank of China, which he had foreseen would emerge as an economic power. He launched the Nobel Laureates Beijing Forum.”

USAGOLD note: I count myself among the admirers of Robert Mundell. He had many. I will always remember him as the economist who recommended gold to Europe not as something to back its currency, but as a reserve asset detached from the policies of other nation-states. In other words, he recommended gold to the European Union for the same reasons we recommend it to our clientele – as an asset which is not simultaneously someone else’s liability unlike, most notably, sovereign bonds. I had a cursory contact with Mr. Mundell through e-mail when he granted USAGOLD permission to post his Uses and Abuses of Gresham’s Law in the History of Money. One of the great economic minds of our time, as The New York Sun’s editor Seth Lipsky eulogized, is no longer with us. – MK

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