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SPXL 223.56

+0.3%

Dec 4 4:00 PM EST

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To: Les H who wrote (27148)	6/13/2022 7:51:54 PM
From: robert b furman	of 29601

Hi Les, Probably a good thing as well. We have complied with Milton Freidman's definition of inflation. “Inflation is always and everywhere a monetary phenomenon.” Monetary economist Milton Friedman made this line famous after stating it in a talk he gave in India in 1963. In a trivial sense, of course, the statement is true. Inflation, by definition, means that money loses its purchasing power and, therefore, is a monetary phenomenon. Not playing the blame game, but we have supplied money in aces and spades. Even Larry Sommers saw it coming! Bob

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