Epstein Secrets

ld a political umbrella over [Fed Chairman] Paul Volcker, and Paul did what needed to be done. And by lat

lose seats in the midterm election.' "And he basically said, 'If not us who? If not now when?' And he held a political umbrella over [Fed Chairman] Paul Volcker, and Paul did what needed to be done. And by late '82 early '83, inflation was under control, the tax changes that he made were kicking in, and the

, in economic policies based on evidence. As the interview closes, I am treated to a song—not a note out of place—that was sung by the secretary on Milton Friedman's 90th birthday: "A fact without a theory is like a ship without a sail. Is like a boat without a rudder. Is like a kite without a tail. A fact witho

eld a political umbrella over [Fed Chairman] Paul Volcker, and Paul did what needed to be done. And by lat

ose seats in the midterm election.' "And he basically said, 'If not us who? If not now when?' And he held a political umbrella over [Fed Chairman] Paul Volcker, and Paul did what needed to be done. And by late '82 early '83, inflation was under control, the tax changes that he made were kicking in, and th

, in economic policies based on evidence. As the interview closes, I am treated to a song—not a note out of place—that was sung by the secretary on Milton Friedman's 90th birthday: "A fact without a theory is like a ship without a sail. Is like a boat without a rudder. Is like a kite without a tail. A fact with

regulatory designation of and Moody ratings, the treatment of off-balance-sheet credit guarantees, and on and on and on. The thousand pages of the Volker rule alone can start a nice bonfire. If a crisis is a run, and we can remove or fix run-prone securities, none of these steps is either necessary 5

ning need for fixed-value default-free assets. Three trillion dollars of interest-paying reserves can easily be $6 trillion of reserves. We can live Milton Friedman's (1969) optimal quantity of money, in which the economy is awash in liquidity. This optimal quantity will have financial stability benefit far beyon

behind the taxing power is the total capital of the nation, meaning human as well as physical capital. And the dollar has proved pretty stable since Paul Volker’s tough reforms in the early 1980s. That means that government fiat money in this county is working about as well as anything we have known. But th

a window. To lighten the mood, | said something about the Red Sox. He said “Getty, I getta papers on banka reform every week. Yours isa the best.” Milton Friedman, another nobelist, had a different take. We had given talks ata Cato Foundation symposium in San Francisco. He hated my idea. No great surprise. He h

Macroeconomics 2/8/16 17 HOUSE_OVERSIGHT_011106 Price stability can matter. The United States has managed to avoid double-digit inflation since the Volker reforms of the 1980s. But the danger remains. Modigliani was right to worry. A law making real dollars legal tender might prompt better measurement

covering payments in the downswings. That would be a problem if accounts yielded zero return, as checkable bank deposits do. The gist of my answer to Milton Friedman was that no amount of money is too much if it yields as much return as other assets of equal risk. Accounts are hedged or leveraged to do so. Omnibus