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To: robnhood who wrote (99859)	5/4/2001 10:15:01 PM
From: patron_anejo_por_favor	Read Replies (2) \| Respond to of 436258

The point is (as all sensible economists will tell you) that Monetary Base is an extremely narrow measurement (vault cash, checkable deposits, small time deposits) that has little if any relationship to economic activity in this age of exploding money market use. It's meaningless, MZM and M2 correlate much better with GDP or financial markets over time. Kudlow uses monetary aggregates like a drunk uses a lamppost; more for support than for illumination. Regards Patron