[Moonman62]

Essentially, the Fed lurched from too tight to too loose.

Essentially, all Greenspan has ever done is follow dollar policy set by the White House. Kudlow has to make things way too complicated to justify his love for gold, although his approach is still simpler than most.

[Moonman62]

This is because the velocity -- or turnover, or demand -- for money is not stable. It hasn't been since President Nixon took us off the Bretton Woods gold-exchange standard. Nowadays, there's no policy anchor to reliably preserve monetary value.

I take it Kudlow thinks Bretton Woods was a good thing. It was a disaster waiting to happen. It was the tool used by the crooks in Washington to overspend while keeping a phony value for the dollar. When we were forced off the standard by our enemies the french, a disaster did happen with all the inflation of the 1970's.