There’s nothing less scientific than defining some phenomenon as some authority’s whimsical arbitration. It’s a deeply mistaken view that all economic analysis

There’s nothing less scientific than defining some phenomenon as some authority’s whimsical arbitration. It’s a deeply mistaken view that all economic analysis is incontrovertibly decided by some coterie, and that somehow that is the unspoken agreement. When there is exogenous disruption, the Fed is responsible and capable of preventing a then endogenous recession. For instance, this is the first time the money stock has been raised proportionally to the extent as the money velocity has dropped—-a correct measure as described by the monetarists.