[QuesnayJr]

I don't see how anything in the text permits that charitable reading. Even the inventor of monetarism itself, Milton Friedman, thought that the government could prevent recessions -- he just thought that the best way to do that was to target the money supply, so you get price stability and no recessions all at once. The whole point of his and Schwartz The Monetary History of the United States is that drops in the money supply are linked to recessions.