Why There Won’t Be One Global Currency

Here’s a piece that blew my mind on the subject connecting quantitative easing & housing shortages with the idea of Optimal Currency Areas. Basically, the author, Yale Professor, David Schleicher argues that since housing supply is severely constrained in certain places like San Francisco and New York, the Federal Reserve is unable to satisfy the dual mandate of low inflation and low unemployment at the national level without causing inflationary pressures in places with tight housing markets (ie San Francisco).

Agree or disagree (and I tend to agree), it makes for a great read!

https://digitalcommons.law.yale.edu/cgi/viewcontent.cgi?arti...