Howard McEwen, CFA

There’s an accepted wisdom out there that all this government spending is going to cause inflation.  While not good, it just ain’t so.  “Inflation is always and everywhere a monetary phenomenon,” said Milton Friedman.  Gov’t spending is fiscal policy, not monetary – but is the Fed Pres. Obama’s lapdog?  That’s the real danger.  Kudlow wonders here.  Any editor who wants a story can let me know.