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Notices
LU
Leanne Ussher (not verified)
7th March 2015 | 6:44pm

I learnt that Irving was not only a loyal friend and study of Ben Graham, but also his emissary. Not only did he live out Graham's micro policies of fundamental investing, he promoted Graham's macro policy long after Graham had passed on in 1976. In the 1940s Graham had created a group academics and financiers (including Warren Buffett's father and Irving Kahn) who lobbied for international monetary reform via the creation of a supplementary international commodity reserve currency - backed 100% by a basket of commodity buffer stocks. This would have stabilized a commodity index and created an international counter cyclical monetary reserve. This was similar to Lord Keynes's original proposal for Bretton Woods. Graham submitted the proposal to the Bretton Woods conference, but of course the US and UK treasuries had already sewn that discussion up. Nevertheless, this proposal remained vibrant among certain Graham supporters, and was reinvigorated by Nicholas Kaldor and Albert Hart who took up the gauntlet in 1964. Hart, continued to hold seminars at Columbia on the topic and Irving would attend. Even when Hart passed on in 1997, Irving was still an active messenger, and continued to promote Graham's macro ideas. In 1997 he got McGraw Hill to reprint Graham’s 2 books on the topic ‘Storage and Stability’ and 'World Commodities and World Currency.’ He was now in his 90s, and hired me as a graduate student to create a website with a bibliography on all the writings on the commodity reserve topic (http://bufferstock.org). Together we engaged Perry Mehrling to do research and write on this relatively unknown part of Ben Graham’s theories in 2007 (https://economics.barnard.edu/sites/default/files/inline/monetary_econo…), which won him best article of the year in 2012. Irving also inspired the CFA to hold a conference on international monetary reform in 2008 in New York. While many mocked his doggard determination to create support for what was thought to be an outdated idea, he continued to hold onto what was fundamental: the hope that one day our global economic system would appreciate the true fundamentals required for economic growth - our planets provision of raw materials and labor. Thanks to Irving, the study of Graham's international monetary proposals continues to this day.