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" ... Monetarists have a similar view. In his Monetary History of the United States (1965), Milton Friedman barely mentioned the gold standard. Like the Keynesians, he recommended an “easy money” solution — in this case based on monetary quantity rather than currency devaluation, although it amounts to the same thing. In that book, look for any description of causes whatsover. There is none. It is, as Eichengreen called it, a “deus ex machina.” ... "