“The US dollar, once backed by an unfeeling barbaric relic, is now under the stewardship of the best and brightest. Richard Nixon replaced the dollar’s gold backing with the PhD standard back in 1971. Why, none other than Milton Friedman gushed in a column for Newsweek at the time of Nixon’s selection of Arthur Burns as chairman of the Federal Reserve. Burns, he wrote, ‘is the first person ever named Chairman of the Board who has the right qualifications for that post.’ Yellen, like Burns, has only worked in academia and government. She actually believes her employer can print jobs. The result was unforgettable stagflation, which he blamed on everything but his monetary policy.”
http://www.caseyresearch.com/cdd/the-new-fed-sheriff-in-town-means-more-dollar-destruction
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