[PEN-L:628] Re: What are we doing here

["Frank Durgin" <fdurgin1@xxxxxxxxxxxx>]

   	 I know its not gemane to the central issue of the debate  (and is in
fact nit picking), but
in reading  the exchanges  (Yen vrs Pound etc0 I have seen the following
statement  repeated uncritically
several times:


		 "the Bank of Japan reduces the supply of money (perhaps via an
open-market
purchase of Japanese treasury bonds, though I don't know how they do
monetary policy), driving up the interest rate on Yen-denominated assets."


          Open market purchase of Japanese treasury bonds expands the
supply of money, doesn't it?

Frank