In a noninflationary environment, oil prices would be about half what they are today.
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Bluntly put, the Federal Reserve today uses no reliable gauge to determine if it is providing the markets with a sufficient, noninflationary or nondeflationary supply of money.
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Now, who in business read the lay of the land in the 1980s and said that the long 1970s were over for good, that a new era of noninflationary growth was upon us?
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