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Politics : Ask Michael Burke
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To: Mike M2 who wrote (64042)7/6/1999 9:57:00 AM
From: Freedom Fighter  Read Replies (2) of 132070
 
Mike,

I think you are right. I think Friedman's view is that the Fed was aggressive, but not aggressive enough. The way I understand it, MF's view is that money is neutral. That is that you can print as much as you want to offset deflation and there will be little or no economic mis-calculation and mal-investment as a result of fooling around with real interest interest rates. He believes that all prices and factors will respond equally and at the same time to the increase in money. This is demonstrable nonsense. But perhaps the degree of miscalculation and mis-allocation that occurs is debatable or not consistent. I don't know the answer, but I lean heavily to the Austrian view based on my observation of Japan, South East Asia and the U.S. now. It seems to me that printing money to fight the hangover of one bubble creates another one that may be worse. The Fed cannot control where the new money goes.

Wayne
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