Larry Kudlow, CNBC: Does Gingrich have any plausibility? Hes got this gold commission. He wants to explore linking the dollar to gold, although he hasnt really endorsed it. By the by, Ben Bernanke will speak today at the Federal Reserve meeting, and theres always issues about the dollar, which I call King Dollar. You looking at gold? You looking at a dollar link? Whats your take on monetary policy and the Fed?
Gov. ROMNEY: You know, Im happy to look at a whole range of ideas on how to have greater stability in our currency and in our monetary policies. I know that in the past when we had a gold standard, the idea that somehow it was detached from or free from any interference by Congress was simply wrong because even with the gold standard someone has to decide what is the conversion rate between the gold and the dollar.
KUDLOW: Hm.
Gov. ROMNEY: And Congress can inflate the dollar simply by changing the exchange rate, as was done in the past. So I dont think theres any, if you will, magic bullet substitute for economic restraint, for not spending more money than you take in, for having the nation thats the most productive in the entire world. Thats how you get wealth for the middle class is making America a more productive nation with high savings rates and a government that only spends what it takes in.
KUDLOW: But are you staying with your view that came out in one of the earlier debates that you would not reappoint Ben Bernanke?
Gov. ROMNEY: Id like to appoint my own person. If I became president of the United States, Id like to have a Fed chairman that shares my views and that I have confidence in. And there are things that, obviously, in the past, I think the Fed has made a number of mistakes. I dont know that youre going to avoid making mistakes, but Id like to have someone new in that position.
Tags: Monetary
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