In effect Friedman and Scwartz are not blaming the Fed for creating asset market inflation (and as we have seen, this concept should include the empowerment of irrational forces across asset markets including the giant carry trades) by its polices through 1927 and earlier; but they are admitting that there could have been some degree of US stock market froth in 1928 onwards (into 1929( (in any case, Friedman and Scwartz do not explicitly refer to the concept of asset price inflation).

Heat some oil in a cast-iron skillet and add the onions.

The kids sat there messing around with leaves and blades of grass because they were bored.

He is a Scottish nationalist and has a large collection of separatist literature.