"Three times in the past century - before the Great Depression, before the start
of Japan's lost decade, and before the Great Recession - central banks have
committed a fatal error."
"... economic growth was on track and
inflation low
so they concluded that the economy was in fine fettle."
"Today central
banks are committing the same error
and setting the stage for another Great
Crash."
" my book demonstrates that a the root of all the main stream models
is one fatal error ...
a
misconception of money !!!!
" a fatal error that
has vitiated all of economics for nearly a century."
" first i disprove the idea of money multiplication through fractional reserve
banking"
"then taking this as my starting point i draw up
THE
operational measure of money -- the OM of M --
" OM of M faithfully mirrors every turn of the economy
since 1960."
" the velocity of money is stable and that
the mainstream view of money as one form of wealth is erroneous."
"I completely lay
bare the errors of John Maynard Keynes, Milton Friedman
and F von Hayek
all
of whom have one thing in common:
they completely disregard financial
assets."
phil george
