Elon Musk, the accidental monetarist?

Elon Musk, the accidental monetarist?

For decades, central bankers have dismissed monetary aggregates — measures of total money in circulation, such as M4 in the UK and M2 in the US — as outdated relics of a bygone era. Instead, they have staked their credibility on achieving a 2% inflation target, adjusting an overnight interest rate to influence borrowing costs throughout the economy. As a monetarist, I have long argued about the fundamental relationship between broad money — cur…