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A big conundrum in the “inflationary is transitory” discussion was the role of money. Monetarist commentators made much of the monetary aggregates—the explosive growth of M2 in the US, for example, from 2020Q1 to 2022Q1 and the high inflation in the wake of this (see Sargen 2024). The problem here was that money had become a mere shadow of its former self. In principle, “money out of control” could still unleash powerful forces that would be the proverbial “monkey-wrench in all the other machinery in the economy” (see Friedman 2006); but there was now no or little way by studying the supply of money to assess at all precisely or reliably or in timely fashion how far money was “out of control”.

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Delays in Monetary Diagnosis Abet the Inflation Mongers

  • 章节

  • 发表日期：

    2025年

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  • Brendan Brown,
  • Philippe Simonnot

摘要

A big conundrum in the “inflationary is transitory” discussion was the role of money. Monetarist commentators made much of the monetary aggregates—the explosive growth of M2 in the US, for example, from 2020Q1 to 2022Q1 and the high inflation in the wake of this (see Sargen 2024). The problem here was that money had become a mere shadow of its former self. In principle, “money out of control” could still unleash powerful forces that would be the proverbial “monkey-wrench in all the other machinery in the economy” (see Friedman 2006); but there was now no or little way by studying the supply of money to assess at all precisely or reliably or in timely fashion how far money was “out of control”.