Source: Future of Freedom Foundation
by Angelo Monaco
“Some years ago, Milton Friedman attempted to stop the government’s mismanagement of the money supply by designing a strict process. He promoted the ‘k-percent rule’ as a way to get the growth of the money supply under some control. His theory was that limiting the Fed’s ability to increase the money supply to between 3-5% each year would benefit the economy because inflation would be ‘low’ and predictable. The growth of the money supply would be somewhat controlled by tying it more closely to the pace of economic expansion. But Friedman had fallen prey to the misdirection that aggregate views of the economy will always create. Money is not neutral either in the short run or long run, and though a more predictable and lower level of inflation might do less harm, it will still cause much harm.” (10/16/250
https://www.fff.org/explore-freedom/article/inflation-immorality-and-destruction/