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To: Gottfried who wrote (1153)	8/21/1997 6:49:00 AM
From: Iceberg	of 1894

>In Nobel-winning economist Milton Friedman's phrase "Inflation is, has been and always will be a monetary phenomenon" Gottfried, Was "tulipmania" (inflation in the price of tulips) a "monetary phenomenon"? Was it a supply/demand problem? Or, more importantly, was it a psychological problem? Inflation is only partially a monetary phenomenon. I think Greenspan knows this. That's why he plays head games with stock market investors/traders - expounding upon "irrational exuberance", for example. Ice

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