Letter on Monetary Policy

Spectral-compositional variations in the constituent minerals of mafic and ultramafic assemblages and remote sensing implications

“…The strong central band is due to crystal field transitions in ferrous iron located in the M2 site. The weaker bands on either side are assigned to similar transitions in ferrous iron located in the Ml site (White and Keester, 1966;Burns, 1970a;Burns, 1974;Runciman et al, 1974). Olivine spectra also display minor absorption bands in the ultraviolet and visible regions due to various crystal field transitions and charge transfers.…”

“…These are frequently superimposed on the steep reflectance dropoff shortward of -0.5 pm due to various charge transfers (Cloutis, 1985 and references given therein; King and Ridley, 1987). It has been known for some time that the major absorption bands move to longer wavelengths with increasing iron content (Burns, 1970a;Burns et al, 1972). A compilation of existing high-quality spectra of natural olivines for which compositional information exists (Miyamoto et al, 1981;Singer, 1981;Cloutis, 1985;King and Ridley, 1987) and the results of this study illustrate this relationship ( Figure 8).…”

Milton Friedman and U.S. Monetary History: 1961-2006

“…In 1974, Friedman had called for government-indexed savings bonds to provide a vehicle for small savers to protect the purchasing power of their assets (DC, 08/16/74). With Friedman's criticisms of U.S. monetary policy gaining ground, Chairman Arthur Burns wrote a letter to Senator William Proxmire in November 1973 (subsequently published in Federal Reserve outlets: Burns, 1973) that apparently denied Federal Reserve responsibility for inflation and, in part, for money growth as well. This prompted Friedman himself to write a bristling rebuttal, also in the form of a letter to Proxmire, in early 1974 .…”

Milton Friedman and U.S. Monetary History: 1961-2006

“…In 1974, Friedman had called for government-indexed savings bonds to provide a vehicle for small savers to protect the purchasing power of their assets (DC, 08/16/74). Burns, 1973) that apparently denied Federal Reserve responsibility for inflation and, in part, for money growth as well. This prompted Friedman himself to write a bristling rebuttal, also in the form of a letter to Proxmire, in early 1974 .…”