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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: TobagoJack who wrote (37917)9/6/2003 6:58:18 PM
From: NOW  Read Replies (1) of 74559
 
BUT, BUT, our illustrious fed chair AG just said:
“The record of the past 20 years appears to underscore the observation that, although pressures for excess issuance of fiat money are chronic, a prudent monetary policy maintained over a protracted period of time can contain the forces of inflation.” and “I have been quite surprised, and I must say pleased, by the fact that central banks have been able to effectively simulate many of the characteristics of the gold standard by constraining the degree of finance in a manner which effectively brought down the general price levels.”

Hmmm; I guess an increase in M3 of 1100% over the last 30 years is prudent and constrained......
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