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To: NOW who wrote (95452)	4/17/2001 9:35:34 PM
From: GraceZ	Read Replies (3) \| Respond to of 436258

Maybe you'd like to refresh it for me.-g- Growth in the monetary supply doesn't automatically bring about inflation as is generally defined in economics. It is generally defined as the increase of currency and debt instruments out of proportion to the available goods and services, bringing about a continuing rise in price levels. What would happen if the monetary base did not grow with the size of the economy? Austrian School of Economics definition of inflation: "it should mean only an increase in the stock of money "not consisting in, i.e., not covered by an increase [in the quantity] of gold," It isn't a very good definition for inflation in this country since we gave up the gold standard a while back. libertyhaven.com