The Whig interpretation of history is captured by the phrase “onward and upward.” The course of recent financial and economic events in the United States and Europe throws that
notion into doubt. With each passing day, something new – and negative – pops up. This pattern fits the schoolboys’ interpretation: “it’s just one damn thing after another.”
Just take a look at the money supply growth data for the U.S. The broadest measure of money published by the Board of Governors of the Federal Reserve System in Washington, D.C. is M2. This measure is widely used by analysts. It has been rapidly accelerating. At present, M2 is growing at an annual rate of 10%, lending credence to the onward and upward phrase (see the accompanying chart).
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