Escape Velocity with Lacy Hunt
The ACID Capitalist Podcast
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The Second Form of Money Is the Non-Sovereign Creation of US Dollars Offshore
The equation of exchange, which says money times velocity equals GDP, was developed by the Yale economist Irving Fisher in a book called the purchasing power of money. In highly embedded economies, the velocity of money falls and that's what Friedman is trying to show with his data. But he can't do it on a micro basis because there isn't sufficient data.
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