Milton Friedman: They’re always shifting their rhetoric. You have to distinguish rhetoric from substance. They’ve often talked about paying attention to money growth, but they almost never have done so. And that’s because they come out of a banker mentality. And the banker mentality is to look at the Fed as a credit instrument and its having something to do with interest rates. It would be too complicated for this present purpose to explain that, but it’s a major mistake, in my opinion. And I believe the Fed can influence interest rates, but it can’t determine them. But it can determine what the quantity of money is. That’s the one thing it can really control, and it ought to be judged on the basis of how well it does that one thing.