After reading the book, Free to Choose by Milton Friedman he became a hero of mine. He and his wife put together a book that made many of the mechanics of economics fairly easy to comprehend. It was written in plain English. We probably have Mrs. Rose D. Friedman to thank for that but Mr. Friedman was a regular guy also.
I think not only did a lot of good come out of his teachings but also some bad. He gave people a tool and I think like children, we did what children would do and tested things out in both directions. Good and bad. I'm thinking we are ahead two to one at this point.
Anyway many of the rules seem to work like a chain of teeter totters touching ends and forming a geometric shape like a square. They need to all be in balance to run steady. If you push down on one to far at the other end they rise up. It transfers through the other teeter totters like a wave. Like learning to drive, maybe we have a tenancy to over steer.
Anyway enough of the bull.
Take a look at what we had done to ourselves right before the depression on this chart. During World War One we counterfeited the money supply to finance the war. Unlike the earlier times when we did the same thing, this time it looks like we didn't started working the counterfeit out of the system like we had done before. I would think to retire the counterfeit it would have to be taxed out of the system and basically burned. I would think that could be done in many was. Many ways that could take advantage of the unsuspecting. Maybe someone had a brainy idea at the time to stiff the other guy and killed him off financially. It sure did crash when it did go down. (And then someone fired up the fake money presses and we never did fully recover.)
If Milton Friedman said they should have introduced more counterfeit at the time, I would have like to argue the point with him. (Right at the moment I'm wonder at exactly which point.)
Then on the other hand if he would have changed his mind and thought pulling some out the right thing, that would have been fun to argue that out with him also.
He seemed the kind of guy that could see and argue both sides. I've heard of him changing sides often. It is like practicing law. You may need to understand how to argue both sides of an argument. With economics like I said before, I don't think there is necessarily any hard and fast right or wrong answer, but it's like a chain of sea saws that need to be adjusted carefully.
Well carefully if your chancing getting strung out on the counterfeit.