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The Economy Is Running on Fumes. A Recession Is Right around the Corner

Posted on AllSides December 14th, 2023
From The Right
Vincent Alban/Reuters

Money is the economy’s fuel. When it surges, nominal GDP (real GDP plus inflation) surges. When it plunges, spending plunges. This is what the well-known and robust quantity theory of money, which has been around since the 16th century and was in recent decades championed by Milton Friedman, tells us. It’s also what common-sense, do-it-yourself economics tells us: Substantial changes in the money supply, broadly measured, make the real economy and prices, with lags, go up and down.

Surprisingly, these days, central bankers reject the tried-and-true quantity theory of money. As Federal...

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