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The Cowboy Economist – Printing Money Doesn’t Cause Inflation

Summary:
It's not the 11th commandment that printing money causes more inflation, says the Cowboy Economist. He points out Milton Friedman's mistakes. So what does cause inflation? That's in Part 2.This is considered a truism by many, but it just ain't true. There are many things that cause inflation, but money growth isn't one of them. I explain why in the context of Milton Friedman's famous "The Optimum Quantity of Money" paper. [embedded content]

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It's not the 11th commandment that printing money causes more inflation, says the Cowboy Economist. He points out Milton Friedman's mistakes. So what does cause inflation? That's in Part 2.

This is considered a truism by many, but it just ain't true. There are many things that cause inflation, but money growth isn't one of them. I explain why in the context of Milton Friedman's famous "The Optimum Quantity of Money" paper.


Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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