June 28, 2000: The Day Alan Greenspan Jumped The Monetary Shark, Part 1

As far as we can tell Alan Greenspan was right only a single time after he took the helm of the Fed in August 1987. That was when he flat-out said that under the modern banking and financial system it is damn near impossible to measure “money”, let alone track it by the week and month and make monetary policy based on pegging the growth rate of the money supply.