I did not have time now to listen to the interview. But Milton Friedman's theory on the Velocity of Money, MORE THAN ANY OTHER ECONOMIC THEORY best describes the economy of this country.
Milton's "problem" was that he could not ever in 50 years use his model to get operative solutions to real problems on a short term basis.
His theory is descriptive, not operative. His mistake, which no one seems to notice, is that he visualized all velocity as the same. He did not attempt to comprehend the effect of what the money was spent for.
IF he had realized that a dollar spent in a wise manner did NOT create inflation, he would have been nominated a god.
Market Data 
Markets 
AI
