Laffer’s first publication came in 1967, a “Comment” in the American Economic Review. In the snippet here, Laffer waved off the idea that “speculation” in particular was causing capital movements between countries. He was commenting on an article asserting that the fixed-exchange-rate system was increasingly inviting speculation against it in the markets. All such moves were from “exogenous” developments, Laffer held, namely real demands for capital for real goods and services across countries. Everything was fine in the international monetary system in the gold standard year of 1967.