Thursday, September 17, 2009
Those Who Are Ignorant of Monetary History Are Condemned...?
I don't endorse everything he says on monetary economics, but Robert Wenzel certainly makes a good point that the Fed chief is being coy with the economy. I am in a hurry so I can't save the graphic to my blog server etc., but check out this FRED chart. It shows non-seasonally adjusted M2. Notice that it was flat in 2008 from about March onward, and then only shot up like a rocket in September after the financial crisis hit.
If you can tell the difference between the March 2008 - September 2008 squiggles, versus the March 2009 - September 2009 squiggles, than you have better eyes than I do.
If you can tell the difference between the March 2008 - September 2008 squiggles, versus the March 2009 - September 2009 squiggles, than you have better eyes than I do.
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