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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: JF Quinnelly who wrote (75957)	2/15/2000 8:39:00 PM
From: Tommaso	Read Replies (3) \| Respond to of 132070

I suspect that less than 0.01% of the general population have read the Friedman and Schwartz monetary history of the US. I am flattering myself in saying this; at one point I had it checked out for two years on long term loan from a university library and I do not recall there being any recalls put on that single copy, to which I added a good bit of wear. But I had to learn the hard way that money is only the obverse of produced goods--that is, as long as productivity increases keep pace with monetary expansion, no matter how rapid, you won't have inflation.Friedman and Schwartz applied pretty inflexible parameters that really did not take into account the possibility of enormous and rapid increases in productivity. Still, Keynes notwithstanding, money and monetary aggregates certainly do matter, and the bushels of money created--or tolerated--by the Fed at times in the last two years are as irresponsible as what many governments have ever done, especially in peacetime.