... You have a uselessly limited definition of 'monetary policy' if your definition doesn't include regulating the banking system.In spite of my other posts, I'm pretty skeptical of the importance of monetary policy
If there's any way in which Greenspan (or the Fed generally) was important, it was that it's supposed to be a regulator for the banking system
Monetary policy is (allegedly) controlling the size of the money supply as a matter of macroeconomic policy enforcement, but I can see how "..." is a solid refutation of the problems for that viewpoint posed by endogenous theories of money. It turns out, just because something is accepted wisdom, that doesn't make it true. Regarding your link, I'm immediately turned off by anyone who would use the phrase "the grand illusion called money." Money has value for a very good and very tangible reason. Though the fact that it has a testimonial from Ron Paul just makes it sound like even more of a joke.