What Should the Inflation Target Be?
Robert Pear Writes an Article with Context: Medicare Edition

On Milton Friedman's "Optimal Rate of Deflation" Argument...

If you take it seriously, the obvious solution is to (a) make all Treasury debt legal tender and (b) replace the Federal Reserve notes with small-denomination T-Bills. I mean, if you think that there are serious economy-wide welfare loses because the marginal price of liquidity is greater than its zero cost of production, it is an easy thing to resolve.

I have never understood why the ORoD argument got the attention it did. Can anybody help me?

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