It is becoming increasingly popular to assert that money growth cannot be controlled and, therefore, that monetary policy should stop targeting monetary growth and try to control other variables that may affect economic activity and the rate of inflation.
Organization of Petroleum Exporting Countries (OPEC) actions in raising oil prices and restricting production have given rise to numerous proposals designed to offset the higher petroleum costs. One widely discussed proposal has been for the United States to organize a grain cartel that would significantly raise grain prices to the OPEC nations.
This article describes and analyzes what occurred in foreign exchange markets in the past year, with special emphasis on changes in the value of the U.S. dollar.
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