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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: philv who wrote (6636)	5/18/2004 5:44:37 PM
From: Elroy Jetson	Read Replies (2) of 116555

The Friedman quote you cite is indeed horrifying. The Federal Reserve has unfortunately been using monetary policy to counter-act a period of deflation, as promoted by Milton Friedman and Anna Schwartz and condensed in their tome which laid the basis for modern Monetarism, "Monetary History of the United States 1867 to 1960," 1963. This policy has a strong advocate in current Fed Governor Ben Bernanke, a Friedman disciple and the guest speaker at Milton Friedman's recent birthday celebration. ===> The tragic outcome of using monetary policy to counter a deflation was described succinctly by Charles Rist. "A policy aimed at monetary stability will secure a relative stability of prices, but the economic history of the 1920's teaches us that a policy whose goal is stabilization of prices may result in inflation of money and credit, and very unsound speculation." Charles Rist

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