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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: Karen Lawrence who wrote (20388)	6/13/2003 3:23:09 PM
From: Jim Willie CB	Read Replies (2) \| Respond to of 89467

Milton Friedman retracts his entire life's work -- QUOTE this money supply argument is pure nonsense his life was based on Monetarism foundations now he admits he was wrong "ooops, my life's work gets a C- grade" -- my mockery his quote... "There are few things that shock me these days, but I was truly shocked to read over this weekend that none other than the same Milton Freidman has just recanted the central premise of monetarism. In an astonishing interview published in the Financial Times, (6-7-03)the 91-year-old retired professor concedes that “The use of quantity of money as a target has not been a success. I’m not sure I would push it as hard as I once did.” This is an extraordinary mea culpa for a man who single- handedly turned the macro policy debate inside out over the past 30 years. The founding father of modern-day monetarism is now telling us that the quantity of money doesn’t matter after all. Ironically, the admission comes at just that same point in time when the Fed is telling us that it’s all that matters." -STEPHEN ROACH, Morgan Stanley (see below)