The Federal Reserve should keep the basic value of the dollar steady rather than worry about the level of the stock market or fret about the length or strength of the economic expansion.
The recipient in April of a grant in the form of a lifetime achievement award from the Lehrman Institute, he is writing a book on the constitutional dollar, forthcoming from Basic Books.
If the Supremes uphold this basic argument, it could prevent multibillion-dollar settlements like the ones for Wyeth's diet drug Redux and Merck 's painkiller Vioxx from ever happening again.