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I don't believe I took the quote out of context, as I wrote what Friedman said, almost verbatim without commentary. "Out of context" means you omitted other te
by apu 13y ago
I don't believe I took the quote out of context, as I wrote what Friedman said, almost verbatim without commentary.
"Out of context" means you omitted other text that changes the meaning of the text you did quote. See rayiner's comment about this (the very next paragraph...)
The monetary base is the stuff consumers touch
No, it is not. See the wikipedia link and Rayiner's comment, which explicitly refutes this (The monetary base must not be confused with the money supply which consists of currency circulating in the public)
It is hard to take your arguments on good-faith if you make such blatantly false statements.
- bdcs 13y agoMilton Friedman meant monetary base, in your nomenclature. From Wikipedia's "Money Supply" article: "MB: is referred to as the monetary base or total currency. This is the base from which other forms of money (like checking deposits, listed below) are created and is traditionally the most liquid measure of the money supply." Please reread that last sentence before replying.