How money works, or should work

I am a big fan of the late Prof Milton Friedman. But in this case I have to go with Prof Frank Shostak. Check out Shostak’s Can Friedman’s Money …., especially the part where he explains gold standard and boom-bust cycle.

One of my most cherished possessions is a letter I got from Prof Friedman. I had proudly mailed him an article my friend Marc and I wrote on international sanctions on India and published in the Economic Times.  He, in his own polite manner, congratulated us and said he had argued the same in an article in 1952. I guess some things need to be repeated year after year, decade after decade.