You re going to have a central bank. And the central bank is going to exercise discretionary policy because bureaucrats want to be important. So you have to look not only at the reports from the twelve Federal Reserve districts but also from the Bank of Canada and the Bank of Argentina. I m not sure how you would fit those together, especially since you have no political responsibility for those countries. Note no government in East Asia, or anywhere else, that had a floating exchange rate has had a foreign exchange crisis.
Japan has serious internal problems, but it doesn t have a foreign exchange crisis.
When we first talked in December 1988 you said that liberalism in the American sense of big government was dead. But it is taking a long time to lie down. Federal spending as a fraction of the economy is down from its peacetime peaks. But the federal tax take has never been higher. Impressed by the latter, many people underestimate the importance of the former.