Imagine believing in the control of inflation by curbing the money supply! That is like deciding to stop your dog fouling the sidewalk by plugging up its rear end. It is highly unlikely to succeed, but if it does it kills the hound.

Summary

This quote criticizes the idea of controlling inflation by restricting the money supply. It uses a humorous analogy, comparing it to the ineffective and extreme method of stopping a dog from fouling the sidewalk by blocking its rear end. The quote suggests that attempting to control inflation in this way is unlikely to succeed and is more likely to have damaging consequences, just as plugging up a dog's rear end would harm or kill it.

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