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“We didn’t abandon the money-supply aggregates. They abandoned us…” TIME WAS that central banks targeted and fretted about keeping their currency stable against the Dollar. But as the Dollar-led inflation of 1950-1980 destroyed the value of bonds and savings worldwide – and then destroyed equities, as well as any sober hope of business and hiring plans – policy-makers tried to target instead the volume of cash flowing around their domestic economy. Monetarism in turn fell apart as first t |