At 10 a.m. the interest rate on call money at the Exchange was fairly normal around 6 percent.

NPR: Lessons from Wall Street's 'Panic of 1907'

In fingering GDP as a target, monetarists pick a rate at which this Keynesian measure should grow at, and then they call for money growth by the Fed in order to reach the growth rate.

FORBES: The Comical, Central Planning Fantasy That Is 'Market' Monetarism