Tell [Greenspan] he ran a flexible nominal-GDP level target and he’d have reached for some cryptic deflection about money-supply mechanics. He didn’t have the theory, didn’t want it, and in 1992 treated the nominal-GDP goal as something the Committee was doing almost despite itself. The market monetarists who later gave the policy its name were arguing for on purpose what he did by ear. . . .
The Fed has run nominal stability before. It did not require a model or a manifesto. It required a willingness to keep
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The Court has given the president full control of one of the three branches of constitutional government — and created a separate fourth branch in the Fed.
Dan McLaughlin
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