Some individuals have said that in response to the 2008-2010 financial crisis we should have used a tight monetary policy and let the banks fail since it has resulted in such along period of recession, rather than using a liberal monetary policy and quantitative easing. Which would you recommend and why? Should the US use a fixed monetary policy, similar to the one established at the Breton Wood Accord, or stay with our current managed floating monetary policy? Why? Some politicians have called for us to return the gold standard. Others say we should stick with our managed floating exchange rate system. What are the benefits and difficulties of both