Zeev's Turnips Patch-No Politics (ZEEV)

[Joe Stocks]

>>>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, the now 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” (see “The Long View,” an interview with Simon London contained in the Weekend Section of the Financial Times, June 7-8, 2003). 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. <<<

Interesting. I would think with all that has been seen in history that Freidman's new found conclusions are only logical.