The Fed has kept its easy money policy in effect, and yet the economic recovery stalled once other government stimulus programs expired in the spring.

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And because nobody makes money just for the mere sake of making money, a consumption first policy is simply trading consumption in the future with compounded effect for consumption today with compounded debt.

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Argentina's inflexible currency-board scheme not only pegs the peso at par to the dollar but limits the money supply to the level of hard-currency reserves, in effect turning monetary policy over to the United States' Federal Reserve.

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Our earlier use of this policy approach had little effect on the amount of currency in circulation or on other broad measures of the money supply, such as bank deposits.

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