Is it his reference to MZM as an inflationary indicator? MZM doesn’t include Federal Reserve credit which is a significant source of the monetary base…? Therefore, he is minimalizing the actual level of inflation.
I really don’t know…just a guess.
Is it his reference to MZM as an inflationary indicator? MZM doesn’t include Federal Reserve credit which is a significant source of the monetary base…? Therefore, he is minimalizing the actual level of inflation.
I really don’t know…just a guess.