User talk:Jamalloyman

Re: Criticism of fractional reserve banking/Milton Friedman

Normally, I would suggest that you post information regarding an article in the discussion page of that article; however, considering I have been away for a while, this works too.

In his early career, Milton Friedman supported the 100% reserve requirement to prevent excess monetary expansion that could lead to unstable prices. In the 1980s, later in his career, he joined the Fed and other central banks in support of inflation targeting to stabilize prices instead of targeting the money supply. Since inflation targeting requires a fractional reserve system (reserve requirement less than 100%), Milton Friedman effectively changed his mind. --EGeek (talk) 01:31, 14 May 2008 (UTC)