@MoneyIllusion Two points: 1. Money is not neutral! 2. Instead of rates, let's focus on supply and demand for money http://tynyurl.com/k4vjswm
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@MoneyIllusion Under gold standard or credible central bank (Fed post Volker), excess M supply causes asset boomspic.twitter.com/k9w98lBjQj
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@MoneyIllusion Under fiat money w/o credible central bank, excess M supply causes inflation (Fed pre-Volker)pic.twitter.com/CHR1wJ9LHo
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