Word: arithmeticâ
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...intricacies of monetary theory generally seem as mystifying as the Mock Turtle's description in Alice in Wonderland of "the different branches of arithmetic???Ambition, Distraction, Uglification and Derision." Money supply can be measured in four ways, but Friedman prefers to use the total of currency in circulation plus checking accounts and time deposits in banks. The Federal Reserve controls the rate at which money supply grows or shrinks chiefly by buying or selling Government bonds. When the board buys bonds, it automatically raises the quantity of reserves available to banks; this increases the amount of credit that banks...
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