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New York Sun: The Bernanke ten-spot
From the New York Sun
Tuesday, June 23, 2015
Now he tells us. The former chairman of the Federal Reserve, Ben Bernanke, is claiming in a blog post that he's a huge fan of Alexander Hamilton.
Mr. Bernanke qualifies America's first treasury secretary as "among the greatest of our founders for his contributions to achieving American independence and creating the Constitution alone. In addition to those accomplishments, however, Hamilton was without doubt the best and most foresighted economic policymaker in U.S. history."
So Mr. Bernanke is opposing the demotion of Hamilton from his featured spot on the 10-dollar bill.
The irony of this is that while chairing the Federal Reserve, Mr. Bernanke traduced every principle Hamilton held dear, particularly the idea of sound money defined by Congress. It was Hamilton who wrote the first law Congress passed under the authority the Constitution grants it to coin money and regulate the value there of, and of foreign coin, and to fix the standard of weights and measures. That piece of legislation, the Coinage Act of 1792, is the final fruit of what Hamilton envisaged in respect of money and the purest record of how he thought about the dollar. ...
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