Hans Sennholtz on Monetarism:

There is no absolute monetary stability, never has been, and never can be. Economic life is a process of perpetual change. People continually choose among alternatives, attaching ever-changing values to economic goods; therefore, the exchange ratios of their goods are forever adjusting. Economists searching for absolute stability and measurement are searching in vain, and they become disruptive and potentially harmful to the economic well-being of society when they call upon government to apply its force to achieve the unattainable.

Money is no yardstick of prices. It is subject to man's valuations and actions in the same way that all other economic goods are. Its subjective, as well as objective, exchange values continually fluctuate and, in turn, affect the exchange ratios of other goods at different times and to different extents. There is no true stability of money, whether it is fiat or commodity money. There is no fixed point or relationship in economic exchange. Yet, despite this inherent instability of economic value and purchasing power, man is forever searching for a dependable medium of exchange.

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The Friedman amendment, unfortunately, would cause the same economic and social conflicts as the present fiat system. It would create income and wealth with the stroke of a pen, and then distribute the booty to a long line of eager beneficiaries. The amendment would fix the quantity of issue, but the mode of its distribution, which confers favors and assigns losses, would be left to the discretion of the monetary authorities. It would enmesh them in ugly political battles about "credit redistribution," which soon would spill over to the halls of Congress, just as it does today.

The monetarists actually have no business cycle theory, merely a prescription for government to "hold it steady." From Irving Fisher to Milton Friedman the antidote for depressions has always been the same: reinflation. The central banker who permits credit contraction is the culprit of it all. If there is a recession, he must issue more money, and if there is inflation — that is, rising price levels — he must slow the increase in the supply of money, but increase it nevertheless.

Milton Friedman: 1912-2006