Milton Friedman on the birth of Foreign Exchange Markets

 

Milton Friedman would have been 100 years old yesterday. On the 30th anniversary of the International Monetary Market in 2002, he discussed in this video the necessity for such a market, and his role in its creation.  One of the strongest early supporters of the idea for the IMM, he had for years predicted the fall of the Bretton Woods system, an event that  made currency futures possible. Read more about the creation of the FX futures market, and Friedman’s part in establishing it  here and here.

This fall, PBS will be airing a series of discussions about Friedman’s ideas, “Testing Milton Friedman”, as part of Milton Friedman’s Century

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