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I always considered David Friedman to be very special. I have read all his books and I seldom find myself disagreeing with him (we even have a odd interest in Iceland in common). However, I have a slightly controversial interpretation of David Friedman’s thinking – I think his views really is a reflection of what Milton Friedman really would have liked to say if he had been truly free to express his views. Milton Friedman was the one who with his writings both turned me into a monetarist and a libertarian, but David Friedman’s views in many ways are probably closer to what I think about most things. David Friedman as his father of course also is a fantastic writer and thinker.
The excellent British commentator Ambrose Evans-Pritchard at the Daily Telegraph has a comment on the Euro crisis. I am happy to say that Ambrose comments positively on Market Monetarism. Here is a part of Ambrose's comments:
The headline of most stock markets reports yesterday said something like "Stocks: Worst Thanksgiving Drop Since ’32". That made me think - what really happened in November 1932?
Here is Kurt Schuler over at freebanking.org:
Adam Posen who sits on the Bank of England's Monetary Policy Committee (MPC) has a comment in on New York Times' website.
David Levey has sent me a new paper by Princeton University economics professor Hyun Song Shin on "Global Banking Glut and Loan Risk Premium". I have unfortunately not had the time to read the paper yet, but it looks quite interesting and I would like to share it with my readers.
Simon Tilford and Philip Whyte have written an essay - "Why stricter rules threaten the eurozone" - on the euro crisis for the normally strongly pro-European Centre for European Reform. I far from agree with everything in the report, but it is worth a read.
On the first page of the Market Monetarist bible it says that we can observe whether monetary policy is getting tighter or looser by watching the markets. From a US perspective US monetary policy is getting tighter when the US dollar strengthens, stock prices drop, bond yields drop and commodity prices fall. Guess what folks - monetary policy is getting a lot tighter today!