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To: pogbull who wrote (26856)	1/5/2003 12:34:58 AM
From: Ilaine	Respond to of 74559

The Fed has admitted for years that they can't control the growth of M3. Can't and therefore don't.

To: pogbull who wrote (26856)	1/5/2003 3:51:18 AM
From: Maurice Winn	Read Replies (1) \| Respond to of 74559

<my concern is that the US has embarked on a course where the quantity of federal reserve notes being created is excessive. > But if they are not causing inflation, is it really excessive. Why not print what the market will bear? It pays to produce what the market will bear if you are a supplier of some goods and services. Excessive production would mean a glut and declining prices for what is being produced. The price of the US$ isn't declining [as measured by not only the consumer price index, but also the median human pay rate - not that I actually have any idea what that is; I'm just making it up that the median pay rate is constant]. Yes, I've heard that the hedonics stuff is a big trick to pretend there's no inflation. Mqurice