“to deal with the fact that we had these inflationary…” — Cato Audio at 58:35
“to deal with the fact that we had these inflationary forces. And indeed, a lot of people, I think, were kind of in denial. Under many different macroeconomic schools of thought, inflation looked likely. So the old monetarists would say, oh my gosh, look what's going on with the money supply. The money supply has gone…”
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