The Economist Presents the ‘Phoenix’

Jacques Riboud

Chapter 8 in A Stable External Currency for Europe, 1991, pp 92-105 from Palgrave Macmillan

Abstract: Abstract In September 1974 the Mont Pèlerin Society held its annual meeting in Brussels and the writer was asked to present the ES to the members of the Society, having already presented it to the members of the Société d’Economie Politique in Paris some months before (on 12 June). The hundred or so economists of various nationalities who were present at the meeting listened politely and with total incredulity. In an interview published the next day in L’Echo de la Bourse, Milton Friedman said: ‘The system envisaged by Jacques Riboud is an admirable one. It is well constructed and the idea is very seductive … However, I am sceptical as to the ES’s chances of success because it is an invented money and the chief characteristic of money is that it is something that develops spontaneously.’

Keywords: Interest Rate; National Currency; Brand Image; Reserve Currency; Demand Deposit (search for similar items in EconPapers)
Date: 1991
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-11821-2_9

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DOI: 10.1007/978-1-349-11821-2_9

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