why independent central banks are best . That ’ s why nations that are determined to keep their currencies strong fare best in the end . That ’ s why common rules — the same tax rules for all companies , the same regulations for all companies and no ad hoc threats or bribes from public officials , no matter how powerful — are what make the market systems function best .
And there is something else that you learn in the Museum of American Finance , and I suppose that some people would say this is a corny lesson . Probably there are some people who would say it isn ’ t even a valid lesson . But as someone who has taken an oath of office before serving in the federal government four times , it is something I believe very much , and that is that the United States is an extraordinary and exceptional nation . It is an exceptional nation because of the
things that I have already talked about — the rule of law and so forth . But it is an extraordinary and exceptional nation also because of what it has strived to achieve for the last 75 years in the global system .
It has not sought , for the most part , to manipulate that system for temporary and transitory and commercial advantage . Rather , it has acted in the conviction that an open and generous global system in which all can prosper is a system in which our companies will find the largest markets , our workers can find the greatest opportunities and our nation will be most secure . That yes , we will stand up for that rule of law and we will not allow ourselves to be treated unfairly , but that our mission is not just to maximize our short-term interest . But that our mission is to be part of building a better world .
You learn that too studying our financial history , studying what the dollar has meant to the global financial system , studying the United States ’ founding role in the Bretton Woods system , studying the role American leadership has played in international crisis after international crisis and , yes , studying how much has gone wrong , as in the late 1920s when the United States abdicated those responsibilities .
I believe that coming here together in support of this museum , we are all a part of something that is hugely important — coming to a greater and sharper and clearer understanding of the past so that we can work to create a greater future for ourselves , and for all our fellow citizens . And that , more than anything about me , is why I am so honored and pleased to be a part of this event tonight .
www . MoAF . org | Winter 2017 | FINANCIAL HISTORY 17