Thursday, November 6, 2008

Fiscal Restraint Returns!

If you look closely at the graph below, you'll notice that the Federal Reserve has slowed the rate of expansion of the money base (M0). I think one of their printing presses broke down under the heavy load and I'm optimistic that more will follow suit. Ah, in the absence of a cogent monetary policy, I'm pinning my hopes on hardware failures to get us through this mess!

See also: Your Tax Dollars at Work, Money Supply

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