Is Money No Longer Important?

Goldmilt and Friedman: Money does matter. We probably got to a point where those real monetary balances in the US got to about 20% above the trend line. But that's running up against another problem which is the problem of a slowing economy. I think for the next three to six months we're probably going to see lower yields in the US, not higher yields. The esoteric truth out there is that the European economy is actually stronger than the US economy right now. It may very well be.