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To: NOW who wrote (59915)	1/19/2001 6:59:07 PM
From: flatsville	Read Replies (1) \| Respond to of 436258

I think the reason you dismiss the big spike pre-y2k on the Adjusted Monetary Base chart (which certainly had no relation to any hedonic wizardry) and continue to assert this: But the basic premise remains: overstating productivity and understating inflation allows the fed to print excessively... is that you keep looking for a recognizable reason/excuse for excessive printing. "Uncle Al and his cohorts can print excessivly because the productivity/inflation numbers are doctored." That kind of explanation makes the behavior somewhat more understandable...easier to get your arms around. The alternative is too scary. The fact of the matter is Uncle Al and his cohorts have a license to print period. (Just look at the GDP and credit/debt creation numbers pre-hedonics.) I bet that if "hedonics" were outlawed next week it wouldn't slow credit creation one damn bit. Uncle Al and his cohorts wouldn't miss a beat.