In 1961, the great free-market economist Milton Friedman wrote a paper called “The Lag in Effect of Monetary Policy,” wherein he discovered a six- to nine-month delay in how long it would take for a change in monetary policy to be felt in the economy and the stock market.

Reading this Bloomberg story about the increasing demands being made on the Fed, I couldn’t help but think of the theme song to the vintage TV series “Car 54, Where are You?”

On a stand-still basis for foreign exporters, we would have to pay prices that are 20% higher for our imports, just for them to break even when converting dollars back into their native currencies! Hahaha! We pay more for things! Welcome to the hell of a falling currency!

An interest piece on Barron’s suggests that all-round economic genius and former Fed chairman Alan Greenspan may be shy about public scrutiny of Ph.D. dissertation.

According to a new book by Robert Auerich, Deception and Abuse at the Fed: Henry B. Gonzalez Battles Alan Greenspan’s Bank, nobody seems to be able to track down the Maestro’s dissertation, which led to Greenspan obtaining a doctorate in economics from NYU.