Word: itness
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Dates: during 1960-1969
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The 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...
The Federal Reserve tinkers constantly with the money stock, much to the distaste of Friedman, who advocates a policy of moderate, steady expansion. For example, the board expands the supply during periods of peak demand, as it did to an extreme degree to help the Treasury finance its huge deficit...
Friedman blames unknowing monetary policy in large measure for the magnitude of the Depression of the 1930s. Partly because so many banks failed between 1929 and 1933, the U.S. supply of money shrank by 33%?and that compounded a worldwide economic collapse. The Federal Reserve, which took a narrow...
Friedman's fact-laden criticisms of the Federal Reserve have considerably undermined its once sacrosanct standing as the arbiter of U.S. monetary affairs. Mindful of his formulations, the Congressional Joint Economic Committee has been pressuring the board to expand money supply at a rate of between 2% and 6% a...
A truly original thinker, Friedman is the author of a dazzling variety of ideas about how nations should cope with myriad matters of public policy. On the question of the international monetary system, Friedman for nearly two decades has been urging the adoption of freely moving exchange rates instead of...