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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Don Lloyd who wrote (57093)	4/23/1999 9:06:00 AM
From: Freedom Fighter	Read Replies (1) \| Respond to of 132070

Don, Thanks for the Forbes article. I'm always very interested to hear what Milton Friedman thinks. WC >>Wayne - From the May 3, 1999 Forbes magazine, in an interview with Milton Friedman - "...I see no sign of recession. I do see some possibility of more inflation. I think the Federal Reserve has been too expansionary, although there are some signs that's tapering off. We're in a period like the 1960s, when no one paid any attention to the money supply. Then we got inflation. By the 1980s everyone was obsessed with the money supply. Now they're forgetting again. And it will turn around and surprise them..." This is a small part of a four page article. Not online, at least not yet. Regards, Don <<<<

To: Don Lloyd who wrote (57093)	4/23/1999 1:24:00 PM
From: Mike M2	Read Replies (1) \| Respond to of 132070

Don, one point about Freidman " no one paid attention to the money supply" Freidman, like most economists, ignores the Austrian economists who define inflation as an expansion of money and credit beyond the needs of economic growth and the supply of available savings. I'll have to check the publication date ( 1971?) F.A. Hayek's little book " Tiger by the Tail - The Legacy of Keynesian Inflation" . The Austrians predicted the stagflation of the 70s. Mike