While most of his proposals — «to
abandon the gold
standard, let international exchange rates float, use federal surpluses and deficits as macroeconomic policy tools that could counter cyclical trends, and establish bureaus of economic statistics (including a consumer price index) in order to facilitate this effort» — are now
conventional practice, his critique of fractional - reserve banking still «remains outside the bounds of
conventional wisdom» although a recent paper by the IMF reinvigorated his proposals.