Soon after I started blogging, I suggested that the importance of monetary policy would be clearly exposed by the way the recovery from the Great Recession played out. That was true in the Great Depression, where the role of money was not noticed during the first couple years of the 1930s, but became clearer as each country started to recover after they left gold. I don’t think anyone can deny that this prediction has been confirmed in this recovery. Just look at the varying paths of the US, Japan, Britain and the eurozone.