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It is far simpler to allow one price to change, namely, the price of foreign exchange.
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To achieve price stability, it would require the Fed to monitor a full range of asset prices including not only goods and services, but also the price of gold and the foreign exchange value of the dollar.
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For the next 18 years, the Federal Reserve loosely followed a de facto price rule by targeting commodity prices including the price of gold and the foreign exchange value of the dollar.
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Prior to her dismissal, Ms Dastjerdi said that because of the rise in the foreign exchange rate, there would be an inevitable increase in the price of medicine.
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But as an alternative, Mr Smithers points out, it can still target the exchange rate the foreign price of money.
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In the economic sphere, he has gone against the will of important groups in civil society by halting foreign exchange, and placing price controls on domestic and imported products.
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The gold exchange aspect of the BWS was one way, foreign members could exchange their dollar for gold (at a fixed price) but not the other way around.
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