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To: AllansAlias who wrote (52914)	1/2/2001 4:20:23 PM
From: pater tenebrarum	Read Replies (2) \| Respond to of 436258

i couldn't believe it...i was unaware that the monetarist nonsense had actually become such a big myth that not even the naked facts intrude upon it anymore. JUST SO THIS IS ONCE AND FOR ALL CLEAR: THIS is what the Fed did in the wake of the '29 crash: services.elliottwave.com 250 bps. in 7 months! the statist apologists who make as if a gaggle of bureaucrats could turn a boom that's entering the bust stage back on by dropping their arbitrary short term rates a bit have got it WRONG! note, the big contraction in money supply during the depression only came by the end of '31, when the contraction in economic output was nearly at it's peak.