Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

When Karen did her June paper, I asked her if she was going to recommend Plaza Two—that the paper was just the stalking-horse for recommending Plaza Two. But I think it’s hard to conceive of a strategy that we could manage—you weren’t suggesting this, but let me just say it—where to deal with the risks in our presumptively unsustainable external position, we would induce a run on our currency and induce a broad- based run on U.S. financial assets.

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