----------------- HES POSTING ----------------- [In response to Brad Bateman's reply to Thomas Moser. -- RBE] There is the old _A Program for Monetary Stability_ response: if velocity is unstable, impose regulations on the banking system--100% reserves, and so forth--until velocity is stable... Brad DeLong ------------ FOOTER TO HES POSTING ------------ For information, send the message "info HES" to [log in to unmask]