Pegged to an Old Idea

With reference to this statement by Larry Kudlow, even Milton Friedman, the foremost advocate of currency stability, no longer believes this is true:

The failure of the G-7 economic powers to generate greater currency stability is a glaring omission. Currency stability is a key building block of economic growth, while radical fluctuations of major currencies have been a detriment to growth. Just look at the stagnant economies of Japan and Western Europe. This subject is swept under the rug time and again at major economic summits, favoring economic failure rather than success.  Free markets function best when the basic monetary unit of account is steady and predictable.

Larry Kudlow is a better economist than Milton Friedman.  Up is down.  Black is white.  Anything is possible in the fantasy land of the NRO.