“the monetarists would have met with greater success if they had broadened their definition of money even further. Their mistake was to fail to see that there is no distinction between fiat money and credit. They should have included all dollar-denominated credit instruments in their definition of money. Or, put differently, they should have replaced money with credit in the equation of exchange, because by the 1980s there was less and less difference between the two. Now there is essentially none.”