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One of the most common mistunderstandings in the debate over monetary policy is to confuse credit policy and monetary policy. In fact it seems like most monetary policy makers don't really understand the difference between the two things. Or maybe they do understand, but think the role of central banks is to do both credit and monetary policy.
I often get very confused that people seem to be unable to differentiate between money and credit. I shared my frustration with my good friend Bob who sent me a article by Lauchlin Currie from 1933. It first appeared.
Venezuela is an incredibly sad story...just take a look at the latest news. This is from the BBC: