Why monetary base control can offer stability

We believe that what is proposed here, and in greater detail in our article in the latest edition of Central Banking journal, could be the driving principles of comprehensive monetary reform aimed at preventing money from becoming yet again the proverbial monkey wrench (of John Stuart Mill and Milton Friedman fame), which gets into the machinery of the economy, causing either a great inflation as in the 1970s or a great credit bubble-and-bust as in the 1920s or 2000s.

The first monetarist

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